Kohl\'s Looks to Shrink Stores\, Fill Empty Space with Planet Fitness Gyms

With brick and mortar retailers feeling the crunch of dwindling sales and foot traffic, Kohl’s has devised a plan to become leaner and meaner…????Yes, the workout metaphors were used for a reason, the department store will be shrinking some of its locations and Planet Fitness will be leasing the remaining space.????Business Insider reports that in an earnings call, Kohl’s CEO Michelle Gass said the plan to slim down their stores and add a Planet Fitness center will occur at 10 locations.????While a Kohl’s spokesperson did not confirm the plan to Business Insider, Planet Fitness applauded the partnership in a press release.????Planet Fitness CEO Chris Rondeau hinted in a February earnings call that more business pairings could take place...????“...real estate trends appear to remain in our favor as many bricks and mortar retailers continue to close stores and landlords are increasingly looking to Planet Fitness as key tenants who drive traffic to their centers”????Kohl’s has a similar lease plan in 10 of its stores with the discount supermarket chain Aldi.????Experts point to Kohl’s creative use of real estate assets as a way to avoid closing stores and their choices of diverse leasing partners to drive more foot traffic.