At another level, the plan risks being decidedly incremental—what I often call “a slightly better version of mediocre”—rather than moving them boldly toward becoming truly remarkable.
, but rather a “focused active and casual lifestyle destination.” The management team then laid out a series of initiatives designed to bring that vision to life and accelerate long-term profitable growth.
Let me say upfront—and with a strong shot of humility—that I may not be able to be 100% objective in the analysis that follows, as Kohl’s strategy looks scarily similar to one I helped craft at Sears nearly 20 year ago, which, spoiler alert, did not exactly go as planned. In any event, at one level, the strategy Kohl’s shared was clear, coherent, and very much rooted in an understanding of modern retail. While I do not personally know Kohl’s senior leadership team, they are deeply experienced and generally well regarded. Moreover, they are to be applauded for achieving their operating margin goal some two years ahead of schedule, despite all the Covid challenges.
At another level, the plan risks being decidedly incremental—what I often call “a slightly better version of mediocre”—rather than moving them boldly toward becoming truly remarkable—a faster horse, rather than a radically reconfigured retailer that can reverse a decade of market share losses. It’s one thing to say “transformation” and “reinvention” multiple times throughout a two hour long presentation. It’s much harder to execute the journey to remarkable. Let’s dig into some of the details.
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