Kohl’s Chief Government Officer Michelle Gass
“Retail is huge, and there is lots of market available,” Gass advised CNBC’s Courtney Reagan Tuesday afternoon, throughout a CNBC Evolve livestream occasion. “We at all times should be elevating the bar.”
Gass’ feedback come after a report in the Wall Street Journal mentioned that Amazon is planning to open massive places that resemble malls, marking the e-commerce big’s newest experiment with brick-and-mortar retail. The shops are anticipated to resemble the dimensions of a TJ Maxx and maintain each attire and tech merchandise, the paper mentioned. When requested by CNBC, on the time of the report, Amazon declined to remark.
Shares of Target, Walmart and Best Buy fell on the information, as buyers fearful a roughly 30,000-square-foot Amazon division retailer would go head-to-head with these big-box retailers in strip malls.
Kohl’s shops are largely in some of these purchasing facilities, too. However the division retailer chain has a singular relationship with Amazon. Kohl’s accepts Amazon returns at its almost 1,200 places. In keeping with Gass, that relationship wouldn’t change if Amazon pursues this enterprise.
Kohl’s has credited the Amazon partnership with serving to to drive foot visitors to its shops. As soon as there, a buyer returning an Amazon merchandise might find yourself shopping for one thing else from Kohl’s. In March, Gass mentioned the connection helped Kohl’s add 2 million new customers final 12 months.
“Amazon … they’re at all times experimenting. They’re innovating,” Gass mentioned Tuesday. “And so we’ll see, however I do not suppose it modifications our partnership. And candidly we have been type of competing with them earlier than on their on-line enterprise.”
Kohl’s shares have been up almost 3% in buying and selling on Tuesday afternoon. The inventory has risen 47% 12 months up to now, pushing its market cap to $9.35 billion.