Kohl's, J.C. Penney eye growth
While many retailers are consolidating, the 2 department stores plan to open new locations nationwide.
By Jeanine Poggi, TheStreet
Department stores are eying growth opportunities, specifically through store expansion and remodeling.
Kohl's announced Wednesday that it will open 21 new stores and create 3,000 jobs in 15 states. The stores will be in Alabama, California, Florida, Illinois, Kansas, Kentucky, Louisiana, Maryland, Minnesota, Missouri, Nevada, New Mexico, New York, Ohio and Pennsylvania.
Kohl's also plans to remodel 85 existing stores.
The value-priced department store added that it opened a customer service and operations center in San Antonio that will serve its credit card and online customers, hiring 200 employees in the process. Kohl's plans to create 1,000 more jobs at the facility over the next three years.
This announcement follows a similar growth strategy outlined by J.C. Penney on Tuesday. The company said it aims to grow revenue by $1 billion by 2015. To do this, it will open new stores and renovate existing locations.
The company earmarked $160 million for store renovations this year and plans to adjust 375 stores by 2015.
It did not disclose how many new stores it will open over the next five years.
Copyright © 2014 Microsoft. All rights reserved.
Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.
[BRIEFING.COM] The S&P 500 (-0.6%) has notched a fresh session low with one hour left in the trading day. The benchmark index slid into negative territory just before 12:00 ET amid weakness in growth-sensitive financials (-0.8%), energy (-1.3%), and industrial (-0.8%) sectors, but the relative strength of health care (-0.4%), technology (-0.3%), and consumer staples (-0.1%) kept the broader market from registering additional losses.
Over the past hour, technology and health care ... More
More Market News
|There’s a problem getting this information right now. Please try again later.|
VIDEO ON MSN MONEY
MUST-SEE ON MSN
- Video: Easy DIY smoked meats at home
A charcuterie master shares his process for cold-smoking meat at home.
- Jetpacks about to go mainstream
- Weird things covered by home insurance
- Bing: 70 percent of adults report 'digital eye strain'