Department store retailer, Kohls, recently got booted from the S&P 500 index, losing its spot to online artisan market, Etsy. In a bold new move, Kohl’s decides to rework its customer reward system, dropping points and going all in on its signature Kohl’s Cash. According to USA today, Kohl’s chief marketing officer said the change is meant to streamline rewards, “So that will make it much easier for customers to understand what they’re earning, what they have available and how to redeem it.”
In this Business Casual snippet, hosts Daniel Litwin and Tyler Kern explore the landscape of loyalty rewards programs in the retail space. In a post-COVID, retail-shy marketplace, what is the value of loyalty reward programs? Kohl’s shareholders are optimistic the customer focused move will help the department store stay competitive.
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