What's Inside

Kohl’s abruptly terminated its former CEO, Ashley Buchanan, on May 1, 2025, “for cause.” Buchanan’s brief tenure—less than five months—and the scandal that surrounded it have increased scrutiny of corporate governance procedures at Kohl’s. Moreover, the company’s decision to fire Buchanan causes a critical leadership crisis at a time when the US department store sector is facing tremendous pressure.

We explore the reasons behind Buchanan’s termination, as well as the implications of the firing for both Kohl’s and the US department store sector at large. Dive into today to discover what this shakeup means for the department store market.

Data in this research report include:

• Total sales growth, comparable sales growth and operating margins of major US department stores, fiscal 2024
• Proprietary survey data on which US department stores consumer shopped with in the three weeks prior to May 5, 2025

Companies mentioned in this report include: Amazon, Burlington Stores, Dillard’s, JCPenney, Kohl’s, Macy’s, Neiman Marcus, Nordstrom, Ross Stores, Shein, SPARC Group, Target, The TJX Companies, Walmart

Other relevant research:

• Retailer Dashboard: Kohl’s
• Department Stores in Focus; Plus, Consumer Sentiment Latest: US Consumer Survey Insights
• US Department Stores—Retail 2025 Sector Outlook: Softness To Continue, Despite Beauty Outperformance
• Market Navigator: US Department Stores—Softness Ahead Despite Opportunities in Experiences and Alternative Models
• All Coresight Research coverage of department stores and capital markets (including management changes)
• The Corporate and Financial Developments Databank includes details of management changes, financial guidance updates and capital raised by major retail companies.