Not long ago, in stark contrast to rival Macy’s, the department store was talking about expanding its fleet. That may be about to change, analysts say.

Dark clouds over a store entrance. A brick-red exterior wall with a "Kohl's" sign.

A Kohl’s store. Newer locations outside the company’s core Midwest region haven’t performed as well as established stores, according to Evercore ISI analysts.

Daphne Howland/Retail Dive