Kohl's won't be moving HQ to Park East Corridor

MENOMONEE FALLS -- Kohl's made a big announcement Wednesday regarding the company's future. Officials say that future will not involve downtown Milwaukee.

Milwaukee Mayor Tom Barrett presented a very glass-half-full scenario on the news Kohl's will not be moving its headquarters from Menomonee Falls to downtown Milwaukee. The company has been open about looking for a place to relocate, but for reasons unknown at this point, the Park East Corridor will not be it. "Of course I am disappointed they're not moving downtown, but I'm very happy they're staying in Menomonee Falls," Mayor Barrett said.

However, questions remain regarding whether Kohl's headquarters truly will remain in Menomonee Falls. The company issued a statement that reads, in part: "We looked at the Park East very closely, and found it to be a very good location for business growth. It does not, however, fit into our relocation plans. While we are no longer considering sites within the City of Milwaukee, we continue to explore all of our options."

Sean Ryan covers real estate for the Milwaukee Business Journal. He says Kohl's future is still up in the air, though he does not believe the company rejected Milwaukee simply because of cash. "It seems like in the short term, they will stay in the Falls, but whether they expand in the Falls is still an open question. I don't think money was the issue on this. It seems there were other reasons that influenced Kohl's opinions and what their final decision was," Ryan said.

One thing is clear, Milwaukee's loss appears to be Menomonee Falls' gain, at least for now. "It definitely means they're staying put until they find a new place to go. We haven't heard any indications that they've been in detailed communications with any communities beyond Milwaukee," Ryan said.

CLICK HERE for more on Kohl's announcement from the Milwaukee Business Journal.

CLICK HERE for more from Mayor Barrett on Kohl's announcement from the Milwaukee Business Journal.