对手一个个倒下，这家百货公司凭什么挺过至暗时刻？
科尔士百货的销售业绩在刚结束的第二季度下跌了23%，但这家零售商的首席执行官在让众多竞争对手头疼的环境中看到了诸多机遇。
这家低价连锁百货店在上周二给出了好于预期的季度业绩，而且该百货店的总营业时间因5月新冠疫情导致的闭店减少了25%。然而，科尔士受益于其一直以来十分强劲的资产负债表，其债券依然属于投资级别，正因为如此，科尔士才能够度过这场让其竞争对手倒下或消失的剧烈风暴。
标普Global Intelligence在上周一的报告中称，2020年到目前为止共有44家零售商破产，已经赶上了去年全年的数字，其中包括科尔士的竞争对手彭尼百货和服饰连锁Ann Taylor等。科尔士的另一家竞争对手梅西百货目前可谓是举步维艰，而且已经关闭了数十家店面。
公司首席执行官认为，当前的这一局势为科尔士提供了一个机会，能够让公司踩在竞争对手的尸体上重建其业务。
科尔士首席执行官米歇尔•嘉斯在媒体电话会议上对《财富》说：“新冠疫情造成了大量的破坏。而当前存在的市场份额机会能够让我们超越众多不同类型的零售商。”
仅有少部分科尔士店面位于商场之中，大多数都位于Ulta Beauty、T.J. Maxx和塔吉特所在的沿街购物中心。因此梅西和彭尼仅仅是间接竞争对手，至少在实体店领域是这样。但嘉斯说，科尔士有技术也有经验，能够在这些竞争对手关店后向当地潜在客户推广自己的店面。
嘉斯说：“在当地店面倒闭时，不管是连锁店还是单体店，我们都有机会将目标对准该地区的客户。”她称科尔士去年斩获了创纪录的6500万到店客流量。吸引新客户光顾科尔士店面的一个重要原因便是与亚马逊已经开展了两年的合作项目——客户可在科尔士店面向亚马逊退货。
科尔士沿街商业区的邻居主要是美容产品零售商Ulta和百货连锁塔吉特，它们都是令人敬畏的竞争对手，有着备受人们喜爱的产品。然而嘉斯认为，科尔士百货对其自身的各类产品亦进行了调整，对于购物者来说也是颇具吸引力。
尽管塔吉特因其旗下品牌而知名，尤其是在服饰领域，但科尔士则依赖于与安德玛和耐克这样未进驻塔吉特的全国性品牌之间的合作关系，以及新的专属合作，例如Toms Shoes和Lands' End，与此同时也会削减一些自有的店面品牌。
她还希望，作为长期以来相对于彭尼和梅西百货的优势，科尔士简洁、整齐的店面布置能够把客户从对手那里撬过来。科尔士还减少了店面的库存，并简化了展示，以提升购物者在店内的安全感。
嘉斯说：“我们都认为，在新冠疫情高峰过后很长一段时期内，那些担心自身健康和安全的顾客依然会心存顾虑。我们有宽敞的店面，而且我们会让其变得更加宽敞。”
与此同时，其他零售商的季度业绩则暴露了科尔士作为一家侧重于服饰的连锁店在新冠疫情危机期间的弱点。科尔士的财报显示，扣除某些项目，公司第二季度每股亏损25美分，不过要好于其70美分亏损的预估，而其销售业绩则降至32亿美元。
作为对比，沃尔玛和家得宝则在上周二亮出了强劲的季度业绩，而塔吉特预计在周三也会交出类似的答卷。嘉斯本人也承认这一困境有可能还会持续很长一段时间。
她说：“我们预计未来环境依然充满了挑战性。”（财富中文网）
译者：Feb
科尔士百货的销售业绩在刚结束的第二季度下跌了23%，但这家零售商的首席执行官在让众多竞争对手头疼的环境中看到了诸多机遇。
这家低价连锁百货店在上周二给出了好于预期的季度业绩，而且该百货店的总营业时间因5月新冠疫情导致的闭店减少了25%。然而，科尔士受益于其一直以来十分强劲的资产负债表，其债券依然属于投资级别，正因为如此，科尔士才能够度过这场让其竞争对手倒下或消失的剧烈风暴。
标普Global Intelligence在上周一的报告中称，2020年到目前为止共有44家零售商破产，已经赶上了去年全年的数字，其中包括科尔士的竞争对手彭尼百货和服饰连锁Ann Taylor等。科尔士的另一家竞争对手梅西百货目前可谓是举步维艰，而且已经关闭了数十家店面。
公司首席执行官认为，当前的这一局势为科尔士提供了一个机会，能够让公司踩在竞争对手的尸体上重建其业务。
科尔士首席执行官米歇尔•嘉斯在媒体电话会议上对《财富》说：“新冠疫情造成了大量的破坏。而当前存在的市场份额机会能够让我们超越众多不同类型的零售商。”
仅有少部分科尔士店面位于商场之中，大多数都位于Ulta Beauty、T.J. Maxx和塔吉特所在的沿街购物中心。因此梅西和彭尼仅仅是间接竞争对手，至少在实体店领域是这样。但嘉斯说，科尔士有技术也有经验，能够在这些竞争对手关店后向当地潜在客户推广自己的店面。
嘉斯说：“在当地店面倒闭时，不管是连锁店还是单体店，我们都有机会将目标对准该地区的客户。”她称科尔士去年斩获了创纪录的6500万到店客流量。吸引新客户光顾科尔士店面的一个重要原因便是与亚马逊已经开展了两年的合作项目——客户可在科尔士店面向亚马逊退货。
科尔士沿街商业区的邻居主要是美容产品零售商Ulta和百货连锁塔吉特，它们都是令人敬畏的竞争对手，有着备受人们喜爱的产品。然而嘉斯认为，科尔士百货对其自身的各类产品亦进行了调整，对于购物者来说也是颇具吸引力。
尽管塔吉特因其旗下品牌而知名，尤其是在服饰领域，但科尔士则依赖于与安德玛和耐克这样未进驻塔吉特的全国性品牌之间的合作关系，以及新的专属合作，例如Toms Shoes和Lands' End，与此同时也会削减一些自有的店面品牌。
她还希望，作为长期以来相对于彭尼和梅西百货的优势，科尔士简洁、整齐的店面布置能够把客户从对手那里撬过来。科尔士还减少了店面的库存，并简化了展示，以提升购物者在店内的安全感。
嘉斯说：“我们都认为，在新冠疫情高峰过后很长一段时期内，那些担心自身健康和安全的顾客依然会心存顾虑。我们有宽敞的店面，而且我们会让其变得更加宽敞。”
与此同时，其他零售商的季度业绩则暴露了科尔士作为一家侧重于服饰的连锁店在新冠疫情危机期间的弱点。科尔士的财报显示，扣除某些项目，公司第二季度每股亏损25美分，不过要好于其70美分亏损的预估，而其销售业绩则降至32亿美元。
作为对比，沃尔玛和家得宝则在上周二亮出了强劲的季度业绩，而塔吉特预计在周三也会交出类似的答卷。嘉斯本人也承认这一困境有可能还会持续很长一段时间。
她说：“我们预计未来环境依然充满了挑战性。”（财富中文网）
译者：Feb
Kohl's sales fell 23% in its recently finished second quarter, but the retailer's chief executive sees a lot of opportunity in the even bigger troubles many of its rivals are facing.
The low-price department store chain on Tuesday reported better than expected results for the quarter, when total store hours were down 25% because of the COVID-19-related lockdowns in May. But Kohl's has benefited from its historically strong balance sheet—its debt is still investment grade—that is allowing it to ride out the intense storm that has felled or diminished rivals.
An S&P Global Intelligence reported on Monday, there have been 44 retailer bankruptcies so far in 2020, already matching last year's tally. Those include J.C. Penney and apparel chains like Ann Taylor, which compete with Kohl's. Another Kohl's rival, Macy's, is reeling and closing dozens of stores.
And all this wreckage provides Kohl's with an opportunity to rebuild its business as it outlasts rivals, its CEO believes.
"COVID has created a lot of devastation," Kohl CEO Michelle Gass tells Fortune on a media conference call. "There is going to be market share opportunity that cuts across a lot of different types of retailers."
Only a small percentage of Kohl's stores are in malls, with the majority in strip centers where the likes of Ulta Beauty, T.J. Maxx, and Target operate. So Macy's and J.C. Penney are only indirect competitors, in the physical realm at least. But Gass says Kohl's has the tech and experience to market to potential customers in areas that have lost such a store.
"When there is a local store closure, whether that's a chain that's gone out of business or a single store, we have an opportunity to target customers in that local area," says Gass, noting that Kohl's had a record number of shoppers, 65 million, last year. A key component of getting new customers into Kohl's stores has been its two-year-old partnership with Amazon, for which it handles returns at Kohl's stores.
Kohl's strip mall neighbors, notably Ulta and Target, are formidable rivals with popular offerings. But Gass is betting that Kohl's will be a draw for shoppers with tweaks to its own assortments.
While Target is renowned for its store brands, particularly in apparel, Kohl's has banked on partnerships with national brands like Under Armour and Nike, which are not at Target, and new exclusive tie-ups with the likes of Toms Shoes and Lands' End, all while cutting some of its own store brands.
And she's also hoping that Kohl's neat, uncluttered stores, long an advantage over Penney and Macy's, will attract those chains' customers away. Kohl's has reduced the amount of inventory it carries in stores and simplified displays to enhance shoppers' sense of security in its stores.
"We all believe there is going to be a long tail to people being concerned about their health and safety long past the acute part of COVID," says Gass. "We have spacious stores, and we are making them even more spacious."
At the same time, the quarterly results of other retailers showed Kohl's vulnerability as an apparel-heavy chain during the COVID crisis. Kohl’s posted a second-quarter loss of 25 cents a share when excluding some items, albeit better than the estimated 70-cent loss, and sales fell to $3.2 billion.
In contrast, Walmart and Home Depot reported blockbuster quarter results on Tuesday, while Target is expected to do the same on Wednesday. Gass herself acknowledged the difficulties that are likely to be long lasting.
"The environment is expected to remain challenging," she said.
