Kohl's 兴衰史：从零售宠儿到股价暴跌70%

Kohl's was once one of the most beloved department stores in the country. Now that picture looks a lot different. Whether they're getting into athletic and athleisure or they're doubling down on fashion or now they're growing private label, and it's been this kind of constant kind of shift of what the customer can expect when they walk into the store. I think that's caused some confusion. The first Kohl's department store opened in Wisconsin in 1962. 30 years later, the company made its IPO with 76 stores across the Midwest.

Kohl's built its brand on serving middle America with a strong portfolio of proprietary brands and an emphasis on value. At its peak, Kohl's thrived along with other department stores like Macy's and Bloomingdale's. It became a retail darling. Its stock price hit an all time high of around $82 per share in late 2018. But over the past few years, as Kohl's saw rapid executive turnover, declining foot traffic and sales, and increased competition, its stock has taken a dive.

It's now trading at under $20 per share. Shares of Kohl's have plummeted nearly 70% in the past five years. So what happened to Kohl's? I spoke to current CEO Michael Bender, who said the company lost its identity and its core customer somewhere along the way. We stopped listening to the customer. We made some decisions where we took away categories, for example, petites and jewelry. Those are categories as an example that are not substitutable.

Analysts told me that Kohl's went wrong when it tried to shake up its assortments, rein in coupons, and mimic the playbooks of some of its competitors. They said when Kohl's tried to be an off price retailer instead of a department store, it alienated its customer base. The macro environment has also been under pressure recently, especially for department stores and the middle income American consumer. With soaring gas prices, rising inflation and even political uncertainty.

There's been a lot of turmoil to the consumer over the past several years, particularly in that lower to middle income. This is where we've seen the most pressure. And the retailers who are catering to that consumer have had the most disruption. Since Bender became permanent CEO in late 2025. He told me he's been focused on returning to what always worked for Kohl's, understanding its customers, strengthening the balance sheet, ensuring value and, in his own words, picking a lane to stick to.

He said Kohl's is still in the early innings of its turnaround strategy, but Wall Street seems to like what it's hearing. The stock has jumped roughly 120% over the past year, and Kohl's reported its best comparable sales growth in four years in its first quarter earnings report last month, even as it saw revenue decline. Still, Kohl's hasn't quite gotten back to its glory days yet, but for now, Bender says a turnaround is right around the corner.

I think ultimately for us, it's about getting back to growth, plain and simple. We haven't been in that neighborhood, if you will, for a while. And I think growth is the lifeblood of any business. And so to the extent that we are close to knocking on the door right now toward growth in terms of our comp sales performance, the progress that we're making now, I think is an indication that we've chosen the right work to do and to work on.