Kohl's Corporation (KSS): Business Model Canvas

In der dynamischen Welt des Einzelhandels ist Kohl's Corporation ein überzeugendes Beispiel für strategische Anpassung und kundenorientierte Innovation. Durch die Nutzung eines ausgeklügelten Geschäftsmodells, das den traditionellen stationären Einzelhandel nahtlos mit modernsten digitalen Strategien verbindet, hat sich Kohl's als herausragender Akteur im mittelständischen Einzelhandelsmarkt positioniert. Von seiner strategischen Amazon-Partnerschaft bis hin zu seinem robusten Omnichannel-Ansatz zeigt das Unternehmen, wie ein gut ausgearbeitetes Geschäftsmodell Herausforderungen in Chancen verwandeln und in einer zunehmend wettbewerbsintensiven Einzelhandelslandschaft Mehrwert für Aktionäre und Kunden schaffen kann.

Kohl's Corporation (KSS) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Allianz mit Amazon

Im Jahr 2019 ging Kohl's eine strategische Partnerschaft mit Amazon ein, um Amazon-Retouren in 800 Geschäften in 17 Bundesstaaten anzunehmen. Ab 2023 wurde diese Partnerschaft auf 1.150 Kohl's-Filialen ausgeweitet. Die Zusammenarbeit ermöglicht es Kunden, Amazon-Einkäufe unverpackt in den Kohl's-Filialen zurückzugeben.

Einzelheiten zur Partnerschaft	Metriken
Geschäfte, die Amazon-Rücksendungen akzeptieren	1.150 Standorte
Partnerschaft initiiert	2019
Abgedeckte Staaten	17 Staaten

Lieferantenpartnerschaften

Kohl's unterhält strategische Lieferantenbeziehungen zu mehreren nationalen und privaten Bekleidungsmarken.

• Nike
• Adidas
• Unter Armour
• Levi's
• Columbia-Sportbekleidung

Kreditkartenpartnerschaft

Kohl's hat eine exklusive Kreditkartenpartnerschaft mit Capital One. Im Jahr 2023 generierte das Kohl's-Kreditkartenprogramm etwa 1,2 Milliarden US-Dollar an Handelsmarken-Kreditverkäufen.

Einzelheiten zur Kreditkartenpartnerschaft	Wert
Kreditkartenpartner	Hauptstadt eins
Private-Label-Kreditverkäufe (2023)	1,2 Milliarden US-Dollar

Markenkooperationen

Kohl's strebt aktiv Markenkooperationen an, um das Produktangebot und die Kundenbindung zu verbessern.

• Disney-Merchandise-Partnerschaft
• Lands' End-Bekleidungslinie
• Eddie Bauer Produktintegration

Kohl's Corporation (KSS) – Geschäftsmodell: Hauptaktivitäten

Einzelhandelswarenmanagement und Bestandsverteilung

Kohl's betreibt seit Januar 2024 1.186 Einzelhandelsgeschäfte in 48 Bundesstaaten. Das Unternehmen verwaltet einen umfangreichen Lagerbestand über mehrere Produktkategorien hinweg.

Produktkategorie	Prozentsatz des Lagerbestands
Damenbekleidung	32%
Herrenbekleidung	22%
Kinderbekleidung	18%
Zubehör	15%
Haushaltswaren	13%

Omnichannel-Einzelhandelsgeschäfte

Kohl's integriert physische und digitale Vertriebskanäle mit den folgenden Kennzahlen:

• Online-Verkäufe machten im Jahr 2023 35 % des Gesamtumsatzes aus
• Digitale Plattform verarbeitet täglich rund 250.000 Online-Bestellungen
• Über 35 Millionen Nutzer laden mobile Apps herunter

Optimierung des Kundenerlebnisses und Verbesserung der digitalen Plattform

Digitale Investitionen konzentrieren sich auf technologische Verbesserungen:

Bereich für digitale Investitionen	Jährliche Ausgaben
E-Commerce-Plattform	75 Millionen Dollar
Mobile Technologie	45 Millionen Dollar
Kundendatenanalyse	30 Millionen Dollar

Entwicklung von Marketing- und Werbekampagnen

Die Marketingstrategie umfasst:

• Jährliches Marketingbudget von 350 Millionen US-Dollar
• Treueprogramm mit 65 Millionen aktiven Mitgliedern
• Personalisiertes digitales Marketing erreicht 40 % des Kundenstamms

Gesamtinvestition in Schlüsselaktivitäten: 500 Millionen US-Dollar pro Jahr

Kohl's Corporation (KSS) – Geschäftsmodell: Schlüsselressourcen

Umfangreiches Filialnetz

Im Januar 2024 betreibt Kohl's 1.116 Einzelhandelsgeschäfte in 47 Bundesstaaten der Vereinigten Staaten. Gesamtverkaufsfläche: 88,1 Millionen Quadratfuß.

Store-Metrik	Menge
Gesamtzahl der Geschäfte	1,116
Abgedeckte Staaten	47
Gesamtaufnahme des Einzelhandelsplatzes	88,1 Millionen Quadratfuß

Digitale Technologieinfrastruktur

E-Commerce-Funktionen: Der digitale Umsatz macht im Jahr 2023 27 % des Gesamtumsatzes des Unternehmens aus.

• Integrierte Omnichannel-Plattform
• Mobile App mit 17,5 Millionen aktiven Nutzern
• Echtzeit-Bestandsverfolgungssystem

Markenbekanntheit

Marktpositionierung: Mittelständisches Einzelhandelssegment mit einem Jahresumsatz von 19,9 Milliarden US-Dollar für das Geschäftsjahr 2023.

Produktinventar

Produktkategorie	Prozentsatz des Lagerbestands
Bekleidung	42%
Zubehör	22%
Haushaltswaren	21%
Schuhe	15%

Finanzielle Ressourcen

Gesamtvermögen im Januar 2024: 11,4 Milliarden US-Dollar. Zahlungsmittel und Zahlungsmitteläquivalente: 374 Millionen US-Dollar.

Personalwesen

Gesamtzahl der Mitarbeiter: Ungefähr 90.000 Stand Januar 2024.

Kohl's Corporation (KSS) – Geschäftsmodell: Wertversprechen

Erschwingliche, trendige Kleidung und Haushaltswaren

Im vierten Quartal 2023 bot Kohl's Kleidung und Haushaltswaren mit einer durchschnittlichen Preisspanne von 15 bis 75 US-Dollar für Bekleidung und 20 bis 200 US-Dollar für Haushaltsartikel an. Der Warenmix des Unternehmens umfasste:

Kategorie	Prozentsatz des Umsatzes	Jahresumsatz (2023)
Damenbekleidung	32%	2,16 Milliarden US-Dollar
Herrenbekleidung	22%	1,48 Milliarden US-Dollar
Kinderbekleidung	18%	1,21 Milliarden US-Dollar
Haushaltswaren	28%	1,89 Milliarden US-Dollar

Bequemes Einkaufserlebnis

Zu den Multichannel-Shopping-Plattformen von Kohl gehören:

• Physische Geschäfte: 1.186 Standorte (Stand Januar 2024).
• E-Commerce-Plattform: kohls.com
• Mobile App mit 25 Millionen aktiven Nutzern
• Amazon-Rückgabeservice in 1.150 Filialen

Wettbewerbsfähige Preis- und Werbestrategien

Aktionsdetails für 2023:

Rabattart	Häufigkeit	Durchschnittlicher Rabatt
Kohls Bargeld	10 Mal im Jahr	20-30 % Rabatt
Saisonale Verkäufe	4 Großveranstaltungen jährlich	40-60 % Rabatt
Rabatte im Treueprogramm	Kontinuierlich	5-15 % Rabatt

Vielfältige Kundendemografie

Aufschlüsselung der Kundensegmente für 2023:

• Primäre Altersgruppe: 25–54 Jahre (65 % des Kundenstamms)
• Mittleres Haushaltseinkommen: 75.000 US-Dollar
• Geschlechterverteilung: 68 % weiblich, 32 % männlich
• Mitglieder des Treueprogramms: 31 Millionen aktive Mitglieder

Kohl's Corporation (KSS) – Geschäftsmodell: Kundenbeziehungen

Treueprogramm mit personalisierten Prämien und Rabatten

Das Kohl's Rewards-Programm ab 2024 umfasst:

Programmfunktion	Details
Mitgliederbasis	29,7 Millionen aktive Kohl's Rewards-Mitglieder
Belohnungsstruktur	5 % Cashback auf jeden Einkauf
Jährlicher Umsatz aus dem Treueprogramm	1,2 Milliarden US-Dollar an treueorientierten Verkäufen

Digitales Engagement durch mobile Apps und Online-Plattformen

Kennzahlen zum digitalen Engagement für Kohl's im Jahr 2024:

• Downloads mobiler Apps: 12,5 Millionen aktive Benutzer
• Online-Verkäufe: 3,8 Milliarden US-Dollar Jahresumsatz
• Mobile Transaktionsrate: 47 % der digitalen Einkäufe

Kundendienstunterstützung über mehrere Kommunikationskanäle

Support-Kanal	Verfügbarkeit
Telefonsupport	Kundenservice rund um die Uhr
Live-Chat	85 % Rücklaufquote innerhalb von 2 Minuten
E-Mail-Support	Durchschnittliche Antwortzeit: 4 Stunden

Personalisiertes Marketing und gezielte Werbeangebote

Statistiken zur Marketing-Personalisierung:

• Personalisierte E-Mail-Kampagnen: 22 % höhere Öffnungsrate
• Gezielte digitale Werbung: Jährliche Ausgaben von 145 Millionen US-Dollar
• Conversion-Rate aus personalisierten Angeboten: 6,4 %

Kohl's Corporation (KSS) – Geschäftsmodell: Kanäle

Physische Einzelhandelsgeschäfte im ganzen Land

Im Jahr 2023 betreibt Kohl's 1.186 Einzelhandelsgeschäfte in 49 US-Bundesstaaten. Gesamtverkaufsfläche: 92,1 Millionen Quadratfuß.

Store-Metrik	Daten für 2023
Gesamtzahl der Filialen	1.186 Geschäfte
Abgedeckte Staaten	49 Staaten
Gesamtaufnahme des Einzelhandelsplatzes	92,1 Millionen Quadratfuß

E-Commerce-Website und mobile Anwendung

Kohls.com erwirtschaftete im Jahr 2022 einen digitalen Umsatz von 4,3 Milliarden US-Dollar, was 35 % des Gesamtumsatzes des Unternehmens entspricht.

• Downloads mobiler Apps: 22,4 Millionen aktive Benutzer
• Wachstumsrate des digitalen Umsatzes: 15,2 % im Jahresvergleich
• Durchschnittlicher Wert der Online-Transaktion: 87,50 $

Online-Marktplätze von Drittanbietern

Kohl's verkauft über Amazon, Instacart und andere digitale Plattformen und erwirtschaftet im Jahr 2022 einen Marktplatzumsatz von etwa 620 Millionen US-Dollar.

Marktplatz	Umsatzbeitrag
Amazon-Partnerschaft	450 Millionen Dollar
Instacart	120 Millionen Dollar
Andere Plattformen	50 Millionen Dollar

Social-Media-Marketingplattformen

Kohl's unterhält eine aktive Social-Media-Präsenz mit 4,2 Millionen Instagram-Followern und 2,8 Millionen Facebook-Followern.

• Instagram-Follower: 4,2 Millionen
• Facebook-Follower: 2,8 Millionen
• Ausgaben für Social-Media-Werbung: 38,5 Millionen US-Dollar im Jahr 2022
• Conversion-Rate aus sozialen Medien: 2,7 %

Kohl's Corporation (KSS) – Geschäftsmodell: Kundensegmente

Familien der Mittelklasse

Kohl's richtet sich an Familien der Mittelschicht mit einem jährlichen Haushaltseinkommen zwischen 50.000 und 100.000 US-Dollar. Im Jahr 2023 macht dieses Segment etwa 47 % des Kundenstamms von Kohl aus.

Demografische Aufschlüsselung	Prozentsatz
Verheiratete Haushalte	62%
Haushalte mit Kindern	55%
Altersspanne	30-55 Jahre

Budgetbewusste Käufer

Budgetbewusste Verbraucher machen 35 % der Kundensegmente von Kohl aus, mit einem durchschnittlichen Transaktionswert von 72 US-Dollar.

• Suchen Sie nach regelmäßigen Rabatten
• Nutzen Sie Kohl's Cash-Prämien
• Durchschnittliche jährliche Ausgaben: 864 $

Junge Erwachsene und Millennials

Millennials und die Generation Z machen 28 % des Kundenstamms von Kohl aus, mit einem Durchschnittsalter von 29–39 Jahren.

Segmentmerkmale	Datenpunkte
Digitales Engagement	78 % kaufen online ein
Benutzer mobiler Apps	1,2 Millionen aktive Benutzer
Durchschnittlicher Online-Kauf	$95

Werteorientierte Verbraucher

Wertorientierte Käufer machen 40 % der Kundensegmente von Kohl aus und legen Wert auf erschwingliche Mode und Qualität.

• Durchschnittliche jährliche Haushaltsausgaben für Bekleidung: 1.200 US-Dollar
• Preissensitivitätsindex: 0,65
• Bevorzugen Sie Marken mit konsistenten Werbestrategien

Kohl's Corporation (KSS) – Geschäftsmodell: Kostenstruktur

Betriebskosten des Einzelhandelsgeschäfts

Im Geschäftsjahr 2023 beliefen sich Kohls Gesamtbetriebskosten auf 5,7 Milliarden US-Dollar. Aufschlüsselung der wichtigsten Betriebskosten:

Ausgabenkategorie	Betrag (in Millionen)
Ladenbelegungskosten	$1,245
Löhne und Leistungen der Mitarbeiter	$1,680
Dienstprogramme und Wartung	$412
Shop-Sicherheit und -Betrieb	$276

Bestandsbeschaffung und -verwaltung

Kosten und Strategien für die Bestandsverwaltung von Kohl:

• Gesamtbestandswert im Januar 2024: 4,1 Milliarden US-Dollar
• Kosten für die Beschaffung von Lagerbeständen: 2,3 Milliarden US-Dollar pro Jahr
• Kosten für Lieferkette und Logistik: 387 Millionen US-Dollar

Wartung digitaler Technologie und Infrastruktur

Kategorie „Technologieinvestitionen“.	Jährliche Ausgaben (in Millionen)
Entwicklung einer E-Commerce-Plattform	$145
Wartung der IT-Infrastruktur	$98
Cybersicherheit	$62
Digitales Kundenerlebnis	$73

Marketing- und Werbeausgaben

Aufschlüsselung der Marketingkosten für das Geschäftsjahr 2023:

• Gesamte Marketingausgaben: 412 Millionen US-Dollar
• Budget für digitale Werbung: 187 Millionen US-Dollar
• Traditionelle Medienwerbung: 156 Millionen US-Dollar
• Kosten für Werbe- und Treueprogramm: 69 Millionen US-Dollar

Kohl's Corporation (KSS) – Geschäftsmodell: Einnahmequellen

Verkauf von Kleidung und Bekleidung

Kohls Gesamtumsatz für das Geschäftsjahr 2023: 19,0 Milliarden US-Dollar

Kategorie Bekleidung	Umsatzbeitrag
Damenbekleidung	35,4 % des gesamten Bekleidungsumsatzes
Herrenbekleidung	22,7 % des gesamten Bekleidungsumsatzes
Kinderbekleidung	18,9 % des gesamten Bekleidungsumsatzes

Haushaltswaren und Accessoires

Umsatzsegment Haushaltswaren: 4,6 Milliarden US-Dollar im Geschäftsjahr 2023

• Verkauf von Wohnaccessoires
• Küchen- und Esszubehör
• Bettwäsche und Badeprodukte
• Möbel und Heimtextilien

Private-Label-Produktlinien

Marke	Jahresumsatz
Sonoma-Güter fürs Leben	1,2 Milliarden US-Dollar
Apt. 9	890 Millionen Dollar
Einfach Vera Vera Wang	650 Millionen Dollar

Einnahmen aus Kreditkarten und Finanzdienstleistungen

Jahresumsatz des Kohl's-Kreditkartenprogramms: 752 Millionen US-Dollar

• Gesamtzahl der Kreditkartenkonten: 28,5 Millionen
• Kreditkartendurchdringungsrate: 45,3 %
• Durchschnittlicher Transaktionswert über Kohls Kreditkarte: 127 $

Kohl's Corporation (KSS) - Canvas Business Model: Value Propositions

Convenience and Value: Moderately priced national and private-label brands for families.

Kohl's Corporation emphasizes offering quality products at a lower opening price point, which resonates with core loyal customers. The performance of proprietary brands supports this value focus.

Metric	Period/Date	Value
Net Sales (Nine Months Ended November 1)	FY2025	$9,803 million
Net Sales (Three Months Ended November 1)	Q3 FY2025	$3,407 million
Private Label Comps	Q2 2025	Down 3%
Overall Comparable Sales Decline	Q2 2025	4.2% decline

Proprietary brand comparable sales improved 500 basis points sequentially in the second quarter of 2025 over the first quarter of 2025. Customers who buy proprietary brands spend more of their wallet with Kohl's Corporation. National brands are being made more eligible for coupons to provide clarity of offer.

Beauty Destination: Sephora at Kohl's, offering prestige beauty products in-store.

The full chain rollout of Sephora at Kohl's was completed in Spring 2025, putting Kohl's Corporation on track to deliver a $2 billion beauty business. The impulse category, which includes some beauty-adjacent items, delivered 30% sales growth in the second quarter of 2025.

Loyalty and Rewards: Kohl's Rewards program and Kohl's Cash promotions.

Kohl's Rewards is a free customer loyalty program. Members earn rewards constantly, which is a key differentiator from promotional-only offers.

• Earn 5% Kohl's Rewards on every purchase, every day ($5 for every $100 spent).
• Kohl's Card holders earn 7.5% Kohl's Rewards on every purchase made with the card.
• Kohl's Rewards balance converts to $5 Kohl's Cash increments on the 1st of the following month.
• Issued Kohl's Cash is valid for 30 days.
• Members receive a special birthday gift, typically a $10 bonus.

Kohl's Cash earned through the Kohl's Rewards membership cannot be used on Sephora at Kohl's merchandise.

Curated Assortment: Balanced mix of apparel, home, and beauty in one location.

Digital sales represented 28% of net sales in the third quarter of 2025. The home category saw significant growth, with seasonal and everyday decor sales increasing over 50% year-over-year in the third quarter of 2025. Kohl's Corporation operated approximately 1,150 stores across 49 states as of early 2025.

The Sephora shops will be in over 1,050 stores for the holiday season, which is 15% more than the previous year. The company is also expanding impulse queue lines, with over 300 additional stores receiving them in the second quarter of 2025.

Kohl's Corporation (KSS) - Canvas Business Model: Customer Relationships

You're looking at how Kohl's Corporation keeps customers engaged and spending, which is critical given the current environment where the middle-income customer is stretched. The relationship strategy is clearly multi-faceted, blending digital personalization with in-store experience enhancements.

Loyalty Program: Automated and personalized offers via the Kohl's Rewards program.

The Kohl's Rewards program remains a central pillar, designed to drive retention and increase the share of wallet. As of early 2025, Kohl's Corporation was serving over 60 million customers, with 30 million of those being Kohl's Loyalty Members. This large base is incentivized through a simplified structure that replaced the older points system.

The core earning structure is designed to be immediately rewarding:

• Members earn 5% back on every purchase.
• Kohl's Cardholders elevate this to 7.5% back on every purchase.
• Rewards are converted and issued as Kohl's Cash in $5 increments, which are valid for 30 days.
• Members also receive personalized deals and a special birthday gift.

The company has been actively refining this to reestablish value leadership; for instance, they began scaling back exclusions on coupons and promotions like Kohl's Cash starting in spring 2025. The data shows that since the enhancements, Rewards members spent more than non-members.

Self-Service: Extensive use of the Kohl's App for digital coupons and payments.

Digital engagement is strong, providing the automation layer for personalized offers. In the second quarter of fiscal 2025, Kohl's Corporation reported having 20 million users of the Kohl's app. This mobile platform is key to delivering the personalized offers mentioned above, as mobile shopping and the app are primary drivers of digital traffic.

The digital channel's contribution to the top line is significant, with digital sales penetration holding steady at 28% of net sales in the third quarter of 2025. This digital strength, alongside proprietary brands, was noted as a key driver of improved operating performance toward the end of Q2 2025.

Assisted Sales: In-store associates, especially in the specialized Sephora areas.

The partnership with Sephora is a major driver of assisted sales and new customer acquisition, with Kohl's Corporation on track to achieve its goal of a $2 billion beauty business by 2025. This dedicated beauty destination requires specialized associate interaction.

The performance metrics around this relationship are telling:

Metric	Value/Status (as of late 2025)
Sephora at Kohl's Net Sales Growth (Q2 2025)	3% increase
Sephora at Kohl's Comparable Sales (Q2 2025)	Flat
Projected Accessories (incl. Sephora) Net Sales Growth (Q3 2025)	5.4% year-over-year
Cross-Shopping Rate (Customers buying Sephora + another category)	Roughly half

Furthermore, the company is investing in physical infrastructure to support high-volume transactions and service, committing to implementing 613 additional Impulse queuing lines across the store fleet, with over 300 already implemented in Q2 2025.

Transactional: High-volume, coupon-driven sales model.

The overall transactional environment in late 2025 reflects pressure on the core customer, necessitating a value-focused approach. For the third quarter of 2025, net sales declined 2.8% year-over-year, and comparable store sales fell 1.7%. Revenue for Q3 2025 was $3.58 billion, representing a 3.6% year-on-year decline.

The strategy to counteract this involves leaning into promotions, as the CFO stated that being more promotional with reduced coupon exclusions is important, especially because the middle-income customer is 'pretty stretched.' This is evidenced by the focus on making more brands coupon-eligible in 2025 to drive transaction volume.

• Q3 2025 Net Sales: $3,507 million (vs. $3,507 million in prior year period ended Nov 1, 2024, based on 10-Q filing data).
• Q3 2025 Comparable Sales Change: -1.7%.
• Inventory Levels: Decreased 5% year-over-year as of Q3 2025, contributing to margin improvement.

Finance: draft 13-week cash view by Friday.

Kohl's Corporation (KSS) - Canvas Business Model: Channels

The physical store footprint remains a core channel for Kohl's Corporation, despite ongoing optimization efforts. As of early 2025, Kohl's operated approximately 1,150 stores across 49 US states. This network is actively being refined, with announcements made to close 27 underperforming stores by April 2025, leaving over 1,120 locations operational. The company believes in the health and strength of its remaining, profitable store base.

The integration of physical and digital touchpoints is central to the current strategy, as shown by the performance across various access points.

Channel Component	Metric/Data Point	Value/Amount	Period/Context
Physical Stores	Approximate Store Count (Pre-Closure)	1,150	Early 2025
Physical Stores	Number of States with Stores	49	As of 2025
E-commerce Platform	Digital Sales as % of Net Sales	28%	Q3 2025
E-commerce Platform	Q3 2025 Net Sales	About $3.41 billion	Three Months Ended November 1, 2025
E-commerce Platform	E-commerce Sales YoY Growth	2.4%	Q3 2025
Mobile Application	Kohl's App Users	20 million	Q2 2025
BOPIS Availability	Store Coverage for Self-Pickup	All 1,100 U.S. shops	As of 2024/2025 reporting

The E-commerce Platform, Kohls.com, serves as a critical revenue driver, especially as the company manages a challenging macro environment. Digital sales represented 28% of net sales in the third quarter of 2025. For that same quarter, net sales reached about $3.41 billion, with e-commerce sales growing 2.4% year-over-year, mitigating a decline in total revenue. The company projects its e-commerce sales to decline 17.7% year-over-year for the full 2025 fiscal year, though specific monthly performance showed strength, with October e-commerce sales up 2% year-over-year.

The Mobile Application is a key tool for customer engagement and loyalty program integration. As of the second quarter of 2025, Kohl's management reported 20 million users on the Kohl's App. This platform is used to track rewards and facilitates the use of proprietary payment methods like Kohl's Pay, which acts as a mobile analog to the Kohl's Charge card.

Buy Online, Pick-up In Store (BOPIS) leverages the extensive physical network for rapid fulfillment. Kohl's provides BOPIS Self-Pickup services across its entire U.S. store base, covering all 1,100 shops. This service is designed to offer speed, with the self-pickup procedure starting generally within two hours of the customer receiving an availability confirmation email.

• The company is focused on creating an elevated, more consistent experience across digital platforms and its store fleet.
• The mobile app centers on the customer loyalty program, allowing shoppers to track rewards.
• The physical stores are also being updated in layout as part of the omnichannel experience improvement.
• The San Bernardino E-commerce Fulfillment Center, one of 15 in the network, was scheduled to close in May 2025, reflecting a shift to fulfilling orders from store locations.

Kohl's Corporation (KSS) - Canvas Business Model: Customer Segments

You're looking at the core groups Kohl's Corporation is trying to serve right now, based on their latest operational data.

Middle-Income Families: Core demographic seeking value and convenience for everyday needs.

This segment represents the foundation of the Kohl's Corporation base, anchored by proximity and a history of value. As of 2025, Kohl's Corporation serves over 52.77 million customers across the United States. Around 80% of these customers live within a 15 mile range of one of the company's 1,153 stores. Demographically, 70% of Kohl's Corporation customers are female, with the majority of these women falling between the ages of 35 to 54. Over half of the entire customer base consists of Gen X and Baby Boomers. The company's fiscal year 2025 guidance anticipates net sales decreasing between 5% to 7%, showing the ongoing pressure on this core spending base.

Kohl's Cardholders: High-engagement, high-value customers driven by loyalty incentives.

Kohl's Cardholders are the most engaged tier, receiving superior rewards stacking capabilities. Kohl's Corporation has 30 million Kohl's Loyalty Members out of over 60 million total customers. Cardholders receive an elevated rate of 7.5% back in Kohl's Rewards on every purchase, compared to the standard 5% for non-cardholders. During promotional events like the Customer Appreciation Sale, cardholders can access the highest discount tier, such as 30% off with code KOHLS30. The credit business, which feeds into this segment, reported $890 million in other revenue in fiscal 2023, with targets set for a rebound toward those levels by 2025 through the co-brand card rollout. The company declared a quarterly cash dividend of $0.125 per share in August 2025.

Younger, Beauty-Focused Shoppers: New segment attracted by the Sephora partnership.

This segment is being actively courted through the shop-in-shop strategy. Kohl's Corporation projects the Sephora at Kohl's business will achieve $2 billion in annual sales by 2025. In the second quarter of fiscal 2025, this experience delivered a 3% increase in net sales and was flat on a comparable-sales basis. Since the partnership began in August 2021, Kohl's Corporation has acquired more than one million new customers, many of whom are younger and more diverse. The success is evident in the 2024 figures, where Sephora sales increased over 25%, driving the Accessories segment (which includes Sephora) to an approximate 9% increase in 2024, with Sephora sales exceeding $1.8 billion that year. A key metric showing cross-category appeal is that roughly 50% of customers shopping Sephora at Kohl's attach at least one other category purchase.

Value-Conscious Shoppers: Customers motivated by Kohl's Cash and promotional events.

This group is highly responsive to the value-driving mechanics Kohl's Corporation employs, such as Kohl's Cash. During major promotional periods, value-conscious shoppers can earn rewards like $10 in Kohl's Cash for every $50 spent. Standard Kohl's Rewards members earn 5% of the purchase amount back as Kohl's Cash. The company's Q2 2025 results showed Selling, General, and Administrative (SG&A) expenses decreased by 4.1% to $1.2 billion, reflecting cost discipline that supports value pricing. The company plans capital expenditures of approximately $400 million for fiscal year 2025, prioritizing initiatives like the completion of the Sephora rollout and expansion of impulse queuing lines to drive traffic.

Customer Segment Driver	Metric	Value/Amount	Context/Year
Core Customer Base Size	Total Customers	52.77 million	As of 2025
Sephora Attraction	Projected Sephora Annual Sales	$2 billion	By 2025
Cardholder Loyalty Rate	Kohl's Rewards Earning Rate (Cardholder)	7.5%	On every purchase
Promotional Earning	Kohl's Cash Earning Rate (Promotional)	$10 for every $50 spent	During certain events
New Customer Acquisition	New Customers from Sephora Partnership	More than one million	Since August 2021
Q2 2025 Performance	Sephora at Kohl's Net Sales Growth	3% increase	Q2 Fiscal 2025
Loyalty Program Penetration	Kohl's Loyalty Members	30 million	Out of over 60 million total customers

Kohl's Corporation (KSS) - Canvas Business Model: Cost Structure

When you look at the Cost Structure for Kohl's Corporation (KSS) as of late 2025, you see the heavy lift required to run a massive physical retail footprint while investing in digital capabilities. The costs are dominated by getting the product to the customer and keeping the stores open.

Merchandise Costs: Cost of Goods Sold

The cost of the product itself is your single biggest expense, which makes sense for a retailer. For the nine months ended November 1, 2025, Kohl's reported net sales of $9.8 billion. While the exact Cost of Goods Sold (COGS) for that nine-month period isn't explicitly broken out against the $9.8 billion in net sales, we can look at the gross margin performance to understand the cost base.

Gross margin for the first nine months of 2025 was 39.8% of net sales, an increase of 39 basis points year-over-year. This means the merchandise cost (COGS) was approximately 60.2% of net sales for that period (100% - 39.8%).

For the third quarter of 2025 specifically, the gross margin was 39.6%, an improvement of 51 basis points over the prior year's third quarter. This implies a Q3 2025 COGS of about 60.4% of Q3 net sales.

Here's a quick look at the relationship between sales and the cost of those sales for the nine-month period:

Metric	Amount (9 Months Ended Nov 1, 2025)
Net Sales	$9.8 billion
Gross Margin Percentage	39.8%
Implied Merchandise Cost (COGS) Percentage	60.2%

Selling, General & Administrative (SG&A)

SG&A covers everything from paying store associates and running marketing campaigns to corporate salaries and utilities. For the nine months ended November 1, 2025, SG&A expenses were $3.6 billion, representing 35.0% of total revenue. This is an increase of 20 basis points year-over-year as a percentage of revenue.

Looking at the third quarter of 2025 alone, SG&A expenses decreased 2.1% year-over-year to $1.3 billion, but as a percentage of revenue, it was 35.3%, an increase of 55 basis points. You can see the pressure here; even with cost discipline, the lower sales base makes the fixed nature of some overhead costs more apparent.

The components of SG&A include:

• Store operations payroll and benefits.
• Marketing and advertising spend, especially for proprietary brand promotion.
• Corporate overhead and technology costs.
• Depreciation expense, which was $176 million in Q3 2025.

Real Estate and Lease Costs

Operating expenses for the large store fleet are a major fixed cost. While specific, current lease expense figures aren't isolated in the latest earnings release snippets, we know the store count is a key driver. Kohl's announced the closure of 27 underperforming stores in the prior year (Q4 2024), which was a step to manage this cost base. The company still operates over 1,100 stores as of late 2025.

Interest expense is another significant fixed charge related to financing the business, which was $75 million in the third quarter of 2025.

Capital Expenditures

Kohl's Corporation (KSS) is actively spending to refresh its physical assets and upgrade its technology. The full-year 2025 outlook for Capital Expenditures (CapEx) was set at approximately $400 million. This was planned for store refreshes and technology investments, including the ongoing Sephora rollout.

Earlier in the year, the expectation was a range of $400 million to $425 million for FY 2025. Year-to-date through Q3 2025, CapEx totaled $308 million, primarily on the Sephora rollout, Impulse Q lines, and fulfillment expansion.

Here's the CapEx focus for 2025:

Metric	FY 2025 Outlook (Approximate)	YTD Spend (Through Q3 2025)
Capital Expenditures	$400 million	$308 million
Primary Focus Areas	Store refreshes, Tech, Sephora rollout	Sephora rollout, Impulse Q lines, fulfillment expansion

If onboarding takes 14+ days, churn risk rises. Finance: draft 13-week cash view by Friday.

Kohl's Corporation (KSS) - Canvas Business Model: Revenue Streams

You're looking at how Kohl's Corporation brings in the cash as we wrap up 2025. Honestly, it's a mix of traditional retail and the financial services tied to that retail. Here's the quick math on where the money is coming from.

Merchandise Sales: Primary revenue from national and proprietary brand products

The bulk of the revenue is still from selling physical goods, which includes national brands and the company's own proprietary labels. For the first nine months of fiscal year 2025, total net sales reached $9.80 billion. Merchandise sales are the core driver, though the full-year 2025 guidance projects a net sales decrease in the range of 5% to 7%. To give you a recent snapshot, Q3 2025 net sales were about $3.41 billion, down 2.8% year-over-year. In Q1 2025, net sales were $3 billion. The company is pushing its proprietary brands, which saw a 400 basis point better quarter-over-quarter performance in Q1 2025 as part of the turnaround effort.

Here are some recent top-line figures:

Period	Net Sales Amount	Year-over-Year Change
Q1 Fiscal Year 2025	$3 billion	Decreased 4.1%
Q3 Fiscal Year 2025	Approximately $3.41 billion	Decreased 2.8%
First Nine Months Fiscal Year 2025	$9.80 billion	Decreased 4.2%

Credit Card Revenue: Interest and fees from the proprietary Kohl's Card

The Kohl's Card operation is a significant, though increasingly regulated, revenue component, categorized under Other Revenue. This includes finance charges and late fees, less write-offs. Regulatory changes impacting late fees have been a headwind; these changes were expected to cause a potential reduction of over $200 million per year starting in 2024. To counter this, Kohl's is focused on its co-brand credit card, aiming for incremental credit revenue of $250 million to $300 million per year by 2025 from that program. Separately, in Q2 2025, the company recorded a one-time gain of $129 million from a credit card interchange fee lawsuit settlement, which significantly boosted year-to-date net income.

You should note the following related financial data:

• Expected annual reduction from late fee regulation: Over $200 million.
• Target incremental annual revenue from co-brand card by 2025: $250 million to $300 million.
• One-time gain from credit card settlement (Q2 2025): $129 million.

Digital Sales: Revenue generated through Kohls.com and the Kohl's App

The omnichannel strategy is clearly a major revenue channel. In the third quarter of 2025, digital sales penetration hit 28% of net sales. This channel showed some strength, with ecommerce sales growing 2% year-over-year in October 2025. However, looking at the full year projection, Digital Commerce 360 projected Kohl's ecommerce sales to decline by 17.7% year-over-year in 2025. The company has built a substantial user base, reporting 20 million users for the Kohl's App in Q2 2025.

Sephora Concessions: Sales generated from the in-store beauty shops

The partnership with Sephora is a key growth area, though its sales are often grouped into the Accessories segment for reporting. The Accessories segment, which includes Sephora, saw a notable increase of approximately 9% in 2024, with Sephora sales exceeding $1.8 billion in that year. The full chain rollout was completed in Spring 2025, putting the company on track to deliver a $2 billion beauty business. This investment is part of the 2025 capital expenditure plan, estimated between $400 million and $425 million.

The Sephora contribution is quantified below:

• Sephora sales in 2024: Exceeded $1.8 billion.
• Projected beauty business size by end of 2025: $2 billion.
• Investment in rollout completion (part of 2025 CapEx): Included in $400 million to $425 million.