Posted: 8th June 2018
Is the US department store as we know it dying off? Many big department stores appear to be struggling. Now, Lord & Taylor, an iconic NY company, have confirmed that they’re closing doors on 10 of their stores.
This includes their flagship store on Fifth Avenue, an integral part of the famous NYC street. The company previously boasted an incredible 50 stores and four outlets. The business dates back as far as 1824 when it began as a store selling hosiery and cashmere shawls for women.
Lord & Taylor is currently owned by Canada-based Hudson’s Bay Co. They have just confirmed the sad down-sizing news. Lord & Taylor have occupied the Fifth Avenue space since 1914, but Hudson’s Bay Co. made a deal last October to sell the building.
According to Bloomberg, they signed the building over to We Work for $850 million but had planned to continue leasing the space to keep the Lord & Taylor flagship at its historical home.
Now, the company claim Lord & Taylor will instead focus on their digital strategy, with less focus on physical store space. A representative commented that: “exiting this iconic space reflects Lord &.....