Dive Brief:
- Joining other retailers in the early holiday promotion trend, Kohl’s is launching its holiday savings offerings starting Oct. 6, according to a company press release.
- Kohl’s is offering Kohl’s Cash for shoppers to earn daily between Cyber Monday and Christmas Eve, a new promotion for the retailer. Kohl’s Rewards members that use their Kohl’s Card can also earn 7.5% of Kohl’s Rewards on every purchase they make this holiday season, another perk the company is offering for the first time so members can earn no matter when they choose to shop.
- Kohl’s is also launching a Lego promotion called “Bricktober,” which features twice as many Lego products at select stores as in previous years, with 20% discounts on some Lego products. Shoppers can also take advantage of the store’s weekly deals on toys every week October through December and special offers during Black Friday and Cyber Sale events.
Dive Insight:
The holidays are a critical time for every retailer, but the announcement of early holiday deals comes at a significant moment for Kohl’s.
Like Kohl’s, other retailers including Target and Amazon will launch holiday deals in October. While Amazon will offer discounts to Amazon Prime members between Oct. 11–12, Target will launch its seasonal sale on Oct. 6–8 with a price match guarantee beginning on Oct. 6.
“Holiday is always a time when Kohl’s shines its brightest, and this year, we will once again put our best foot forward to welcome the millions of customers who shop with us during the season,” Michelle Gass, Kohl’s chief executive officer, said in a statement. “We know value will be more important than ever to the millions of customers who shop Kohl’s this season. Whenever customers choose to shop for the holidays, they can feel confident that Kohl’s will deliver the incredible value we are known for on the gifts that are at the top of everyone’s list.”
In anticipation of the holiday season, Kohl’s in August expanded its self-pickup option to all locations, enabling shoppers who choose the in-store pickup option for their online orders to retrieve them at a specified location.
Meanwhile, the company has had a rocky year. S&P Global Ratings this summer gave the retailer a negative outlook, indicating the possibility of a future credit downgrade, soon after the company rejected a takeover bid from Franchise Group.
After hedge fund Ancora Holdings Group called for the ousting of CEO Michelle Gass and Chairman Peter Boneparth in late September, the board announced its unanimous support of Gass, Boneparth and the executive leadership at Kohl’s.
Last month, Reuters reported that the retailer received a bid for its real estate for between $1.5 billion and $2 billion, a deal that would require Kohl’s to lease back its storefronts from the new owner.
