Looks like Kohl’s is looking to transform, I think the question on the minds of investors is simple: "Is it too little too late?"

Previously I had posed the question, why does Kohl's or any department store - need to exist. There's only so much consumer appetite for the same merchandise in yet another department store.

The best department stores have shown the ability to understand their guests, merchandise well, and develop their own private label business. The worst are struggling to find reasons to get customers in the door.

Let's look at Kohl's answers:

- switch from department store model to "focused lifestyle" concept. Unclear precisely what this difference means. Would a consumer notice it?

- Sephora to the rescue. Going from 200 to 850 stores. I'm guessing they had good results here so far? This is at least a way better idea than an Amazon Returns bar.

- Opening 100 smaller stores or stores in smaller markets.

Macellum was not impressed with the plan as it gives the retail. no margin for error if it misses its top-line revenue.

My initial take is to agree with Macellum. It sounds like a risky plan that is both very investment-heavy (new stores and remodels) and not transformational enough to get consumers to look at Kohl's in a new way to make a difference.

I took a look at the Board and it's a hodge-podge random collection - something else investors think needs to be completely realigned. I tend to agree. The same people who got you into this mess will get you out?

"Why should we believe you now?" is a question that is extremely hard to shake.

We can't have heard the last of the Kohls retail story, and I don't expect activists to go away anytime soon.