Kohl’s Gives Members 50% More on Rewards

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Kohl’s on Monday (May 2) launched an enhancement to its rewards program that gives card members an elevated rate of 7.5% rewards on each purchase.

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The new rate — up from 5% — also lets members receive personalized deals and perks throughout the year, along with a birthday gift.

“Customers love our simplified Kohl’s Rewards program that leverages personalized offers and Kohl’s Cash,” Greg Revelle, Kohl’s chief marketing officer, said in a company press release. “We partnered closely with store associates and customers to understand how we could make our benefits even more robust.”

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See also: JCPenney Reportedly Could Buy Rival Kohl’s for $8.6B

New customers can apply for a Kohl’s Card and, assuming they get credit approval, get 35% off their first purchase and enroll in the rewards program in-store or online.

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Kohl’s said it has been piloting the enhanced rewards offering for the last year in more than 100 stores in eight markets, and “saw an increase in Kohl’s Rewards enrollments, more Kohl’s Card acquisitions and usage, and an overall sales lift,” leading the chain to launch the program on a national basis.

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Last week, reports emerged that JCPenney owners Simon Property and Brookfield Asset Management were considering an acquisition deal for Kohl’s that values the retail rival at an estimated $8.6 billion.

Simon and Brookfield, two of America’s biggest mall owners, purchased JCPenney out of bankruptcy in 2020. Their proposal would see them buy Kohl’s for $68 a share, sources close to the talks told the New York Post.

Read more: As Bidders Stalk Kohl’s, JCPenney’s 650 Locations and Customers Deserve 2nd Look

If the deal goes forward, JCPenney and Kohl’s would each function as independent brands with the goal of streamlining operating overhead and other expenses. One source told the Post that Simon and Brookfield want to reduce Kohl’s costs by $1 billion by 2025.

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Headquartered in Menomonee Falls, Wisconsin, Kohl’s put itself up for sale earlier this year after activist investors Macellum and Engine Capital said they were unhappy with the direction of the retailer.

Kohl’s has had several acquisition inquiries, including apparent interest from private equity firms Sycamore Partners and Leonard Green & Partners, along with Hudson’s Bay, the Canadian parent of Saks Fifth Avenue.

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NEW PYMNTS DATA: THE TRUTH ABOUT BNPL AND STORE CARDS – APRIL 2022

About: Shoppers who have store cards use them for 87% of all eligible purchases — but this doesn’t mean retailers should boot buy now, pay later (BNPL) options from checkout. The Truth About BNPL And Store Cards, a PYMNTS and PayPal collaboration, surveys 2,161 consumers to find out why providing both BNPL and store cards are key to helping merchants maximize conversion.



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