How Kohl's lost its way — and is trying to become relevant again

Kohl's was once a retail darling, carving out market share as a department store catering to the middle-income American consumer with coupons and deals that drove loyalty. But over the past five years, Kohl's stock has lost nearly 70% of its value, plummeting as the retailer reported weak sales. As department stores struggle to stay relevant and middle-income consumers face budget pressure, Kohl's is now trying to reinvigorate sales by leaning back into its core value proposition and investing in the store experience to ensure customers find what they need and keep coming back for more. Though Wall Street analysts believe the retailer has more work to do, investors have started to take notice: Kohl's shares have climbed more than 130% in the past year. "For us, it's really about making sure that we are picking a lane," CEO Michael Bender told CNBC. "Sitting in the middle of the retail landscape like we do, selling the products like we do, that are admittedly more discretionary than others, means that you have to pick a lane and decide who you're serving, and that you understand that customer really, really well." A Kohl's store in Sun Valley, California, July 22, 2025. Alisha Jucevic | Bloomberg | Getty Images The company, which went public in 1992, saw its peak in the early 2000s as department stores gained traction around the U.S. …