Kohl’s Department Stores
(NYSE:KSS) today announced an agreement with the Village of Menomonee Falls, Wis., in which Kohl’s will assume ownership of approximately 100 acres of vacant land in the Woodland Prime office park in Menomonee Falls. Kohl’s will also acquire a small office building adjacent to the vacant land. This real estate will provide Kohl’s the opportunity to develop office space that would serve as a second corporate campus to support the company’s long-term business growth. Over the last decade, Kohl’s has continued to experience growth in sales and net income, as well as add jobs both nationally and locally – including nearly 3,000 corporate positions in Menomonee Falls.
In exchange for the building and land, Menomonee Falls will assume ownership of Kohl’s 530,000-square-foot former distribution center located at N54 W13901 Woodale Drive in Menomonee Falls. The transaction is expected to close this fall. For up to three years following the closing of the property exchange, Kohl’s can elect to develop the vacant land as incremental office space.
Following the development of a second campus, Kohl’s plans to continue operating its current headquarters at N56 W17000 Ridgewood Drive and credit service center located at N54 W13600 Woodale Drive in Menomonee Falls.
“We have been proud to call Wisconsin home for the last 50 years and are pleased to be renewing our commitment to the state and to our communities, customers and associates by selecting this location in the place where it all started for us,” said Kevin Mansell, Kohl’s chairman, president and chief executive officer. “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. Our goal has been to find the location that best positions us to remain an employer of choice, retain and attract the best talent and to satisfy our responsibilities to our shareholders and associates. The Woodland Prime site accomplishes that goal and gives us the room we need to satisfy our business needs for decades to come. Throughout the process, we have found officials at all levels of government, both at the state and local levels, to be strong partners in business development and thank them for their enthusiasm and support. I am confident the great quality of life, talented workforce and extraordinary business partners here in Southeast Wisconsin will allow us to continue delivering great things to Kohl’s shoppers well into the future. We look forward to sharing our plans as they are finalized.”