recommendations
Kohl's Corporation has been through some turbulent financial forecasting during 2012 and 2013. Due to continued consumer spending hesitations, Kohl's has often been forced to adjust their estimations.
An early estimate by Bloomberg analysts predicted a $5.44 billion revenue for 2013, which would have been up 1.4% from last years revenue. However, Kohl's has exceeded many of these predictions by increasing their revenue a total of 5.3% through the end of the third quarter. Chief Financial Officer, Wes McDonald, was quoted as being "very pleased" with a successful back-to-school season.
I believe that Kohl's should continue to use their cost leadership strategy to remain successful and appealing to consumers. They should also seek to diversify their product offerings by continuing the creation of private-label brands, exclusive to Kohl's and with celebrity partnerships. In a time when consumer confidence is still questionable, it is important for Kohl's to be wary of the market trends and trends in consumption.
In the future, Kohl's may seek international development. Kohl's has become "the" American department store and could prove successful in foreign markets by introducing American apparel and trends. Kohl's continues to grow in the United States but should seek to expand in other North American markets with a strong middle class once the economy stabilizes.
Kohl's should also be wary of their pricing strategies. Recently, the corporation was under fire for unfair pricing policies wherein their merchandise was being misrepresented with sale prices. Losing consumer trust is a major issue for corporations and can be detrimental to a brand.
Kohl's needs to establish a clear brand identity and use big data to their advantage. By creating a seamless, multi-channel shopping experience for its consumers, it can remain competitive in the dramatically changing retail landscape.
An early estimate by Bloomberg analysts predicted a $5.44 billion revenue for 2013, which would have been up 1.4% from last years revenue. However, Kohl's has exceeded many of these predictions by increasing their revenue a total of 5.3% through the end of the third quarter. Chief Financial Officer, Wes McDonald, was quoted as being "very pleased" with a successful back-to-school season.
I believe that Kohl's should continue to use their cost leadership strategy to remain successful and appealing to consumers. They should also seek to diversify their product offerings by continuing the creation of private-label brands, exclusive to Kohl's and with celebrity partnerships. In a time when consumer confidence is still questionable, it is important for Kohl's to be wary of the market trends and trends in consumption.
In the future, Kohl's may seek international development. Kohl's has become "the" American department store and could prove successful in foreign markets by introducing American apparel and trends. Kohl's continues to grow in the United States but should seek to expand in other North American markets with a strong middle class once the economy stabilizes.
Kohl's should also be wary of their pricing strategies. Recently, the corporation was under fire for unfair pricing policies wherein their merchandise was being misrepresented with sale prices. Losing consumer trust is a major issue for corporations and can be detrimental to a brand.
Kohl's needs to establish a clear brand identity and use big data to their advantage. By creating a seamless, multi-channel shopping experience for its consumers, it can remain competitive in the dramatically changing retail landscape.