Kohl’s CEO says company needs to ‘change faster’

Kevin Mansell speaks at Shoptalk retail conference

Organizations:

LAS VEGAS (Reuters) – Menomonee Falls-based Kohl’s Corp’s chief executive officer said on Tuesday the department store operator needs to “change faster” in order to remain a strong competitor to online and brick-and-mortar retailers.

Kohl's store
A Kohl’s store.

“We aren’t as agile as we need to be in order to be a better competitor,” CEO Kevin Mansell said at retail conference Shoptalk.

Mansell does not see a smaller store footprint making Kohl’s more productive in the future but he does expect stores to become smaller in size over time.

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“Having a bigger physical presence is a much better strategy than having less,” he said.

Kohl’s sales during the holiday quarter fell for the fourth straight quarter. The company has been hurt by a steady rise in online shopping and the growing popularity of off-price retail chains like T.J. Maxx and Marshalls stores, operated by TJX Companies Inc.

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