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  "documentTitle": "Macellum Kohls Presentation April 2022",
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  "presentationDate": "2022-04-01 00:00:00",
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  "notes": "The slide uses a dual-chart layout to show the divergence between physical capacity growth and revenue productivity.",
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      "kind": "annotation",
      "text": "Source: Company SEC Filings; KSS 10-K Reports. Note: Sales per sq. ft before FY 2017 were as % of Sales whereas FY 2017 and forward were as % of Total Revenue",
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      "text": "DC & FC AREA (MILLION SQ. FT.)",
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      "text": "TOTAL REVENUE / TOTAL DC& FC SQ. FT. ($)",
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      "kind": "paragraph",
      "text": "Kohl's increased distribution center capacity significantly while sales declined and 30% migrated online. As a result, Kohl's runs a DC network that is materially under optimized and inefficient",
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      "text": "FULFILLMENT COSTS ARE UP SIGNIFICANTLY WHILE SALES HAVE DECLINED",
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