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.
At a time when most retailers are consolidating their store base, both Kohl's (KSS) and J.C. Penney (JCP) are looking to expand their reach.
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.
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