Lord & Taylor For The New Generation
DATELINE: New York, New York, USA - March 14, 2011: After 190 years - The Lord and Taylor flagship department store on fifth avenue in Manhattan will be closed.
The 11-story building was sold for $850 million to the real estate investment group, WeWork Property Advisors. Forty-five smaller stores will remain open.
The announcement of last week's closure of Lord & Taylor's iconic flagship Fifth Avenue store in Manhattan may seem like a canary in a gold mine, but this is more about the gold mine than it is about the canary.
Hudson's Bay is looking for ways to revive Lord & Taylor and "reform the business," and would be selling its flagship Hudson's Bay department store in downtown Vancouver.
The successful retailer doesn’t simply sell items – they solve people’s problems.
Lord & Taylor built its brand by offering accessible elegance to the middle class is doing what they do best, going with the crowd. And isn’t that what a good retailer does, service their customers the best way possible.
In making the better decision of moving their brands and efforts to their customers, rather than making their customer come to them, Lords is positioning itself to be a national brand for a new generation ... and generations to come.
Retail often provides a snapshot of the moment, a reflection of a nation’s need combined with its citizen’s passions. The successful retailer doesn’t simply sell items – they solve people’s problems.
Last year Lord & Taylor announced their partnership with national discount store Walmart. (Source: CNBC/Walmart-Lord-and-Talyor)
Walmart.com is a shopping destination that reaches a wide base of customers looking for premium fashion brands, Lord & Taylor President Liz Rodbell
Set to launch in phases in the coming weeks, the "store within a store" on Walmart's website will feature more than 125 brands sold at Lord & Taylor, including Tommy Bahama, Vince Camuto and Lucky Brand. The two retailers formally announced the partnership last November.
A New Web Experience.
"As retail continues to change, this flagship store creates enormous growth opportunities for Lord & Taylor and our brand partners." Mrs. Rodbell said Walmart and Hudson's Bay's Lord & Taylor are preparing to roll out a new shopping experience on Walmart.com.
Amazon (Source: www.cnbc.com/amazon-to-be-the-no-1) had painted a big red target on the backs of Walmart and Walmart is punching back. Walmart has also said it aims to grow its selection of clothing beyond everyday, low-priced items, to include more high-end pieces from well-known, designer labels. (Source: www.cnbc.com/Walmart_Lords_over_Amazon)
Shoppers are actively browsing Walmart.com today for premium fashion brands, according to Denise Incandela, head of fashion for Walmart's U.S. e-commerce business. But there hasn't been much for them on the platform, up until now.
This relationship is a major milestone for us. ... This is an example of how we are thinking differently and innovating, RJ Cilley, senior vice president of Lord & Taylor's digital division
Lord & Taylor, in turn, faces many of the obstacles that U.S. department stores are grappling with today. It needs to cut costs and find ways to win sales from those shoppers who are increasingly ringing up purchases online. The hope is that a new customer base — i.e. Walmart shoppers — will become more familiar with Lord & Taylor over time and shop their stores, too.