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Kohl's Impact On The Retail Industry

1091 Words5 Pages

Shifting shopping environments have had a major impact on the retail industry. With the rise of online shopping, customers have become more selective about where they shop and what products they purchase. Customers are no longer content with long checkout lines, missing product information, out-of-stock products, incorrect price tags, and scarce and often unknowledgeable sales staff. This has led to a decrease in foot traffic to local shopping malls and their anchor department stores.
Changing demographics are also an important external trend that managers at Kohl's must be aware of. The company's target market is women ages 25 to 54 who have children and whose annual household income is moderate ranging from $35,000 to $75,000. Kohl's must …show more content…

During times of economic recession, consumer spending often decreases, leading to a decrease in revenue for retailers. This can have a significant impact on companies like Kohl's, as they are heavily dependent on consumer spending.
Finally, competition is another important external trend that managers at Kohl's must be aware of. Competitors ranging from JCPenney and Sears to Macy's have copied Kohl's approach, and even specialty retailers such as Old Navy and American Eagle have shifted from trendy teenage fashion toward clothing that appeals to moms. Furthermore, Walmart Stores has added national brands and improved the quality of its apparel. To remain successful, Kohl's must continually monitor and adjust to changes in the competitive …show more content…

To gain this information, the manager could use data mining and analytics to track local trends in customer preferences and purchasing behavior, track local technological developments, and analyze local supplier costs and market conditions. The manager could also use market research to gather data on local customer preferences and market conditions through surveys, focus groups, interviews, and observation. By using these tools to monitor external components, the manager can gain insight into changes in their local environment and make informed decisions.
Kohl's could also use scenario planning to anticipate potential changes in the external environment and develop strategies to address them. Scenario planning involves developing multiple hypothetical scenarios for the future and planning for each one. By anticipating potential changes in the external environment and developing strategies to address them, Kohl's can be better prepared to respond to any changes that may

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