Kohl’s To Accept Amazon Returns Starting In July
Expanding on a partnership program that has been an ongoing test for the past two years, Kohl's announced Tuesday that it will begin accepting Amazon returns in all of its stores, starting this July.
Initially testing the program in 100 of its stores, Kohl's is expanding its partnership with the online-retailing giant to all 1,150 nationwide locations. Kohl's has said it won't charge customers for the service, even if the retailer has to pack the item into boxes themselves.
The move is being viewed as a win-win for both companies. For Kohl's, the service attracts more foot traffic into their stores, with the hope being that consumers will look around and potentially buy something once they are there. For Amazon, it provides their customers with an easier way of returning items, something that has been a point of contention with some consumers in the past.
Shares of Kohl's on the stock market increased by at least 10 percent immediately after the announcement.
The move by Kohl's is just another in line with the "if you can't be 'em, join 'em" trend that retailers are adopting in regards to Amazon. Companies such as Sears, Chico's, J. Crew and Nike have all recently struck deals to begin selling their products on Amazon.
As part of the deal, Kohl's is also giving Amazon the option to buy part of Kohl's stock at a discounted rate. KXNET reports Amazon can purchase "1.75 million of Kohl's shares over the next seven years at $69.68 a share, according to a government filing. That's an 8 percent discount from Kohl's Corp.'s closing stock price of $75.48 on Tuesday."
Kohl's has a Bismarck location at 1129 W. East Century Ave.