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.”
Pursuant to an agreement between Kohl’s and the Wisconsin Economic Development Corporation (WEDC), WEDC will create an Enterprise Zone to provide up to $62.5 million in tax credits from the state of Wisconsin over 12 years to support Kohl’s growth. The actual amount of the tax credits received by Kohl’s over the 12- year period will be completely dependent upon the number of newly created jobs and the amount of Kohl’s capital expenditure. WEDC can designate Enterprise Zone Tax Credits for a project based on factors including the extent the project will increase employment in the state and contribute to the economic growth of the state and other factors.“Strengthening Kohl’s headquarters is good news for Wisconsin,” said Governor Scott Walker. “Not only is this a significant number of jobs, but it also signals that Wisconsin’s economic climate is improving.” Upon Kohl’s election to begin construction, the Village of Menomonee Falls will provide the necessary road improvements and up to $12 million, payable over several years, from the incremental tax revenue to be generated by the Kohl’s development. Kohl’s Cares® – Community and Environmental Commitment Since 2000, Kohl’s and Kohl’s Cares ®, the company’s philanthropic program, have combined to give $44.3 million to support charitable initiatives in the metro Milwaukee area, including $9.4 million in 2011. The company supports local communities through its Kohl’s Cares programs which strive to make communities happier, healthier, greener places to live and work. These programs include: Kohl’s Cares® – Kids Health and Education
- Cause Merchandise Program: Throughout the year, Kohl’s sells kid-friendly cause merchandise, with 100 percent of the net profit donated to support children’s health and education initiatives in communities nationwide. Since 2000, more than $208 million has been raised nationwide through the Kohl's Cares® cause merchandise program.
- Hospital Partners: Since 2000, Kohl’s has donated $149 million to more than 160 hospital partners nationwide, including more than $8.6 million in Wisconsin.
- Scholarship Program: Since 2001, Kohl’s has recognized more than 15,000 kids with over $3 million in scholarships and prizes through the Kohl’s Cares Scholarship Program. Since 2001, more than 380 students in metro Milwaukee have received store, regional or national awards, totaling more than $65,000.