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Kohl's is expanding a key partnership in its stores as its customers tighten their budgets and gravitate toward other retailers.
In the second quarter of this year, the department store chain's comparable sales dipped 0.9% year over year, while its operating income decreased 6.5%, according to its latest earnings report. Recent Placer.ai data also revealed that overall customer visits in its stores dropped by 1.4% year over year.
On an earnings call in August, Kohl's executives revealed that low- to middle-income customers are making trade-offs in their discretionary spending by increasingly opting for lower-priced brands.
"Our customers remain under financial pressure, and they are becoming increasingly choiceful, actively seeking value in every purchase," said Kohl's CEO Michael Bender.