Lord & Taylor
Lord & Taylor is a luxury department store in the United States, and the oldest department store in the country. Headquartered in New York City, it is a subsidiary of the oldest commercial corporation in North America, the Canadian retail group Hudson's Bay Company ("HBC"). As of January 2012, there were 46 stores in operation. By late August 2019, 38 stores were in operation; the flagship store in Manhattan and several other locations were closed in 2019.
|Headquarters||New York, New York, U.S.|
Number of locations
|38 (As of August 2019[update]), 1 L&T outlet (As of 2019[update])|
|Products||Clothing, footwear, jewelry, beauty products, fragrances, electronics, bedding and housewares|
|Owner||NRDC Equity Partners|
|Parent||Hudson's Bay Company|
|Subsidiaries||Find @ Lord & Taylor|
On August 28, 2019, Hudson's Bay announced an agreement to sell Lord & Taylor to Le Tote Inc., a deal expected to be concluded prior to year end. Five of the 38 stores were to be closed, according to that plan.
English-born Samuel Lord started a dry goods business in New York in 1824 and opened the original store that would become Lord & Taylor in 1826, on Catherine Street. The shop stocked hosiery, misses' wear, and cashmere shawls. His cousin, George Washington Taylor, joined in 1834, and the store was named Lord & Taylor. James S. Taylor, Lord's brother-in-law, replaced George Taylor in 1845, and the store moved to Grand and Chrystie Streets in 1854.
In 1860, they opened a second store on Broadway at Grand Street, keeping the older store open. Lord retired in 1862. In 1870, the Broadway store moved a mile uptown, to a new cast-iron building at Broadway and 20th Street, in the area known as the "Ladies' Mile". The new store expanded around 1890 by annexing a building to east. The downtown store continued to function, expanded through to Forsyth Street, and advertised until at least 1887 as a new building. Samuel Lord's estate sold the Grand Street store in 1901.
The Starrett & van Vleck-designed Fifth Avenue store and headquarters opened between 38th and 39th streets on February 24, 1914. The Broadway store was quickly sold, on March 26. The Fifth Avenue store became a New York City Landmark on October 30, 2007.
A founding unit of Associated Dry Goods, Lord & Taylor was considered to be its "crown jewel". When the May Company acquired ADG in 1986, it was assumed that May bought it just for the luxury division.
In 1945, Dorothy Shaver became the first woman to head a major retail establishment in the United States as president of Lord & Taylor. As vice president working with the well-known design firm of Raymond Loewy Associates, she opened what is credited as the first ever branch store, in Manhasset, New York. Unlike earlier forays into the suburbs that consisted of smaller boutique-style shops, this was a merchandising effort that became the model for modern suburban shopping. The store consisted of 66 individual shops. Lord & Taylor's relationship with Raymond Loewy Associates continued until 1969, following the construction of the Stamford, Connecticut, store (designed by Loewy Vice President Andrew Geller). Many of Lord & Taylor's special services, including personal shoppers, were introduced while Shaver presided.
William J. Lippincott was elected chairman and chief executive in 1972. His obituary in The New York Times read: "In his years as president and chairman, Lord & Taylor moved beyond its traditional territory in the northeast to open stores in Atlanta, Houston and Dallas and four stores in Illinois." A management shakeup ousted him in 1976.
Under the leadership of CEO Joseph E. Brooks during the 1970s, the company aggressively expanded into Texas, Illinois and Michigan; in the early 1980s, South Florida saw 11 stores opened in quick succession. The chain partially withdrew from the oil-shocked Texas and southern Florida markets in 1989–1990 after its 1986 acquisition by May. Under May, the majority of the upscale Hahne & Co., Wanamaker's, and Woodward & Lothrop chains were converted to Lord & Taylor.
Jane T. Elfers became Lord & Taylor's second female president in June 2000. Former Neiman Marcus executive, Brendan Hoffman replaced her in October 2008, when Elfer's contract had expired. A third female president, Bonnie Brooks, took over in 2011, and a fourth female president, Liz Rodbell, took over in 2013.
Federated Department Stores, now Macy's Inc, acquired May Department Stores on August 30, 2005. On January 12, 2006, Federated chairman, president, and CEO Terry Lundgren announced that Lord & Taylor would be sold by the end of the year. In a move that took advantage of valuable real estate, Federated announced on March 10, 2006, that seven conflicting Lord & Taylor locations would either close or downscale into Macy's. The legendary Center City, Philadelphia store, former flagship of the John Wanamaker chain, opened after a one-month renovation as Macy's City Center on August 1, 2006. On June 22, 2006, NRDC Equity Partners, LLC announced it would purchase Lord & Taylor for $1.2 billion after Federated converted and closed the seven locations that it previously announced were closing; the sale completed in October 2006. Federated continued to service Lord & Taylor consumer credit accounts in an agreement with NRDC under the terms of its sale until mid-2007.
On July 16, 2008, NRDC Equity Partners announced that it had purchased the 338-year-old Hudson's Bay Company (HBC) for an undisclosed price, with the intention of expanding internationally, and positioned Lord & Taylor under HBC. The combined HBC, as of February 2018, consisted of Hudson's Bay and Home Outfitters in Canada, Galeria Kaufhof in Germany, and Lord & Taylor and Saks Fifth Avenue in the United States.
HBC committed to spend an additional $250 million upgrading stores. The Fifth Avenue flagship store received a $150 million update in 2010. In March 2017, Lord & Taylor partnered with Brideside to launch an in-store bridal shop. In April 2017, Lord & Taylor completed a $12 million renovation plan at the Fifth Avenue store, however in October 2017 they announced that they were selling the building to WeWork for $850 million. In February 2019 the sale completed for $725 million in cash and the remainder in equity, forming a joint venture with Lord & Taylor was minority owners.
On April 1, 2018, the Hudson Bay Company gave notice of a theft of customers credit and debit cards due to a hacking incident. A hacking group, known as JokerStash or Fin7, was attempting to sell the information from five million stolen customer credentials on dark web sites during the last week of March 2018. The company noted that the majority of the compromised records appeared to be from Lord & Taylor and Saks Fifth Avenue customers. The Hudson Bay Company noted that customers would not be liable for any charges incurred due to his breach and they will offer no cost credit report monitoring and identity protection services.
In May 2018 it was announced that Walmart would begin carrying Lord & Taylor products on their website. A few weeks later, HBC announced they would be closing up to ten Lord & Taylor stores, including the 5th Avenue location, amid declining store sales. The New York flagship store closed on January 2, 2019.
Industry observers connected the closures and the sale of the flagship store to intense competition from online retailers and high debt at HBC. Lord & Taylor announced additional closings in Oakbrook Center, Monmouth Mall, Gaithersburg, and Sterling Heights.
Planned sale to Le ToteEdit
In May 2019 HBC announced it was seeking strategic alternatives for the Lord & Taylor business. In August 2019, the company found a buyer for the chain, Le Tote, Inc. for C$99.5 million ($75 million) in cash on closing and an additional C$33.2 million ($25 million) two years later. HBC was to get a 25% equity stake in Le Tote. The buyer would retain the stores' inventory, with an estimated value of C$284.2 million. The deal, expected to close before year end, required HBC to pay the stores' rent for at least three years, at an estimated C$77 million ($58 million) cash per year.
The company's former headquarters and flagship store at 424 Fifth Avenue sold to a joint venture of WeWork.
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