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Kohl's announces new strategic initiatives

29
Oct '15

Kohl's, a leading American specialty department store chain has unveiled new initiatives under the company's overarching strategic framework, called the Greatness Agenda. The multi-year plan was designed to drive organic top-line growth by seeking out and taking advantage of opportunities that will elevate the course of business, while also creating a clear focus around those business critical activities that are required to accelerate growth, it said in a press release.

While recommitting to the purpose, pillars and values established by the Greatness Agenda one year ago, the Greatness Agenda has evolved based on customer and associate insights from the first year.

“The Greatness Agenda is our multi-year plan and it is working. Since announcing this strategy one year ago, we've changed the trajectory of our performance trend line from negative to positive,” said Kevin Mansell, Kohl's chairman, CEO and President, as he shared the updated strategy to an audience of retail industry leaders at the WWD Apparel & Retail CEO Summit in New York on Tuesday. “The key business initiatives outlined in the Greatness Agenda one year ago have delivered, or in most cases over delivered, to our plan. With one year of key wins and further customer insights under our belts, we are on course to meet our three-year goals and become the most engaging retailer in America.”

Driven by a clear purpose “to inspire and empower families to lead fulfilled lives,” the Greatness Agenda continues to be supported by the five pillars it is built upon: amazing product, incredible savings, easy experience, personalized connections and winning teams. To measure success in the near-term, Kohl's set out to reach three primary goals by the end of 2017: to increase sales to $21 billion, be in the 90th percentile for associate engagement and best-in-class for customer engagement, the release said.

In the first year of the Greatness Agenda, Kohl's saw immediate success in its newly launched Yes2You Rewards loyalty program – now more than 33 million members strong, the rollout of an expanded and elevated beauty department, introduction of truly personalized marketing efforts, launch of a highly-ranked new mobile app, double digit year-to-date growth and significant market share gain in the active and wellness business, and the launch of several key national brands, including FitBit, Madden Girl, Columbia, Samsung, Bliss and more. (SH)

Fibre2Fashion News Desk – India

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