US: Kohl's acquires land in Wisconsin to expand HQ
US department store chain Kohl's will assume ownership of an area of vacant land in Menomonee Falls, Wisconsin to build its second corporate headquarters, a move which it said will create almost 3,000 jobs.
The retailer, which is expected to receive up to US$62.5m in tax credits from Wisconsin state over 12 years, will acquire around 100 acres of land in the Woodland Prime office park, as well as a small office next to it.
The amount of the tax credits Kohl's will receive will depend on the number of newly created jobs and Kohl’s capital expenditure.
In exchange, Menomonee Falls will acquire Kohl's 530,000 sq ft former distribution centre in Menomonee Falls.
The transaction is expected to close this autumn, Kohl's said today (19 July).
The company plans to continue operating its current headquarters at Ridgewood Drive and credit service centre at Woodale Drive in Menomonee Falls.
Kevin Mansell, Kohl's chairman, president and CEO, said: "While it was always our preference to remain in Wisconsin, Kohl's took the needed time to study all of our options, including an assessment of developing a campus outside of the state of Wisconsin."
Faced with continuing challenging trading conditions in 2012, retailers responded with a number of different strategies to try to grow their businesses. International expansion, new and larger format ...
Retailers posted mixed December sales results as many were forced to discount heavily to drive sales in the weekend prior to Christmas, in the hope of making up for weaker sales earlier in the month....
The following is a general roundup of US apparel and shoe retailers' December 2012 sales results....
Strong Black Friday week sales were no match for the disruption caused by Hurricane Sandy, as US retailers hope to make up lost sales in December....
The following is a general roundup of US apparel and shoe retailers' November 2012 sales results....
Bangladesh's woven garment exports grew by nearly 12% in the first half of the current fiscal year, helped by a shift in orders from China, exporters said....
- 2014: Year in review - Sourcing winners and losers
- COMMENT: The decline of the buying office
- 2014: Year in review - Brand winners and losers
- 2014: Year in review - Retail winners and losers
- Bangladesh: The business benefits of compliance
- Report urges overhaul of Cambodia factory safety
- North Face debuts locally-grown "backyard" hoodie
- Apparel manufacturing leads US reshoring trend
- Triumph recalls 22,000 bras for underwire fault
- Shanghai Challenge buys stake in Masood Textile