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Kohl’s Names New CEO
Kohl’s has appointed Michael Bender as its new chief executive, making him the company’s third CEO in less than three years as the retailer continues navigating a tough industry landscape. Bender previously served as interim CEO and has held leadership roles at major companies, including Walmart, PepsiCo and Eyemart Express.
John Schlifske, chairman of Kohl’s board, said the company is confident in Bender’s direction, citing his extensive experience and long-term commitment to the brand.
Kohl’s currently operates about 1,100 stores nationwide after closing 27 underperforming locations earlier this year, along with shutting down an e-commerce fulfillment center in San Bernardino, California. The retailer joins several major chains — including Target and Walmart — in making leadership changes in 2025.
Retail analyst Neil Saunders of GlobalData said Bender’s appointment brings “much-needed stability” to the chain, noting that Kohl’s ongoing sales struggles stem from a lack of a clear, effective strategy.
Homebuying Challenges Push More Americans Toward Renting
Rising costs tied to buying a single-family home are keeping more Americans in the rental market, boosting apartment lease renewals to levels well above historical norms, according to a new multifamily report from Marcus & Millichap.
The report notes a significant shift in the demographic of first-time homebuyers: the median age reached 40 in 2025, up from 38 last year and 36 in 2022. Historically, between 1993 and 2018, that number hovered between 30 and 32. High interest rates and increasing home prices are driving the trend.
The average 30-year mortgage rate sits around 6.3%, far above the 2011–2020 averages. Even though home prices have risen only about 5% since 2022, the monthly payment on a median-priced home is now roughly $1,200 higher than the average apartment rent — a gap many households can’t bridge.
As a result, 2024 and early 2025 have seen record apartment move-ins compared with move-outs. Lease renewal rates have reached over 55%, significantly higher than the long-term average of about 49%, based on data through October 2025.
U.S. Wage Growth Stalls as Job Market Shows Mixed Signals
Recent employment data from the federal government shows a mixed economic picture: while job additions continue, wage growth has flattened.
U.S. payrolls increased by 119,000 jobs in September, but real average hourly earnings remained essentially unchanged compared with August once inflation was factored in. A modest 0.2% rise in earnings was offset by a 0.3% increase in the consumer price index. Year-over-year, real wages were up just 0.8%.
Initial unemployment claims dropped to 220,000 for the week ending Nov. 15, aligning with typical levels from the past year. However, continuing claims were nearly 112,000 higher than a year earlier, with analysts suggesting the recent 43-day federal government shutdown may have contributed to the increase.
Nancy Vanden Houten, lead U.S. economist at Oxford Economics, said the rise in continued claims is concerning, although the shutdown may have temporarily inflated the numbers. Economists are now waiting for the October jobs report to assess the full impact.
Source: Original reporting by Lou Hirsh, CoStar News.
