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Lord & Taylor

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Lord & Taylor
Company typePrivate
IndustryRetail
Founded1826
HeadquartersNew York, New York
ProductsClothing, footwear, bedding, furniture, jewelry, beauty products, and housewares
Websitehttp://www.lordandtaylor.com/

Lord & Taylor, based in New York, New York, is the oldest upscale department store chain in the United States. Concentrated in the eastern United States, the retailer operated independently for nearly a century prior to joining American Dry Goods (later renamed Associated Dry Goods Corp.). Today, the chain is the sole surviving department store nameplate from Associated, as well as from May Department Stores. Lord & Taylor is owned and operated by NRDC Equity Partners, LLC. NRDC bought the chain from Federated Department Stores in October 2006 as Federated sought to concentrate on the Macy's chain after their purchase of May Department Stores (with all other former May department store nameplates having been converted to Macy's), and because the Lord & Taylor brand conflicted with Federated's Macy's and Bloomingdale's brands.[1]

History

Origins

File:LordandTaylorFlagship.jpg
The exterior of the Lord & Taylor headquarters and flagship store on Fifth Avenue in New York City.

Samuel Lord and George Washington Taylor founded the company in 1826; it was the first major store on Fifth Avenue. Among other firsts, it was the first store to present innovative Christmas windows filled with holiday displays rather than merchandise, and the first to open a branch store (1941 in Manhasset). Lord & Taylor is also known for playing the national anthem before the start of each business day.

In 1916 Lord & Taylor became a founding member of the American Dry Goods Co., soon after renamed Associated Dry Goods Corp. It was a long-time fashion leader and considered the “crown jewel” of Associated; when the May Company acquired ADG in 1986, it was assumed that May bought ADG just for the upscale Lord & Taylor division.

Dorothy Shaver

In 1946, Lord & Taylor became the first major store on Fifth Avenue to name a woman, Dorothy Shaver, as president.

Shaver's association with Lord & Taylor began in 1921 when then-President Samuel Reyburn encouraged her to promote and market "Five Little Shavers," a family of dolls created by her sister, Elsie. Dorothy Shaver's challenges grew when she officially joined Lord & Taylor in 1924 as head of the Comparative Shopping Bureau. It didn't take long for Shaver to re-channel the department's focus from the competition to Lord & Taylor's own customers, putting them first by providing one on one help as they made their selections. With that, the concept of the Personal Shopper was born, flourishing today at Lord & Taylor as Red Rose Personal Shopping Service. During her first few months with the store, she submitted an entirely unsolicited report to the president, analyzing what was wrong with the company and how to correct it.

Shaver was given more responsibility, sales increased and, in 1927, her innovations earned her membership on Lord & Taylor's Board of Directors. In 1931, she was appointed Vice President, and became First Vice President in 1937. In 1941 Ms. Shaver, working with the well-known design guru Raymond Loewy, opened in Manhasset what is credited as the first true branch store in America. 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. Shaver was elected president in 1945, the first woman to head a major retail establishment in the United States.

Many of the Lord & Taylor's special services were introduced while Shaver presided, and it was during this period that she introduced both the distinctive hand written logo (The Signature of American Style), and the American Beauty Rose as a symbol of the store. In 1953, Lord & Taylor presented an award for independent thinking, which Alfred Einstein won for his "nonconformity" in scientific matters. Shaver's era ended officially upon her death in 1959, but her legacy and innovative retailing concepts continue at Lord & Taylor to this day.

In June 2000, Lord & Taylor appointed its second female President & CEO, Jane Elfers, who remains at the helm of the venerable retailer.

Expansion and retreat

While a part of Associated, William J. Lippincott was promoted to president in 1968, succeeding Melvin E. Dawley (who succeeded Dorothy Shaver), and was elected chairman and chief executive in 1972. His The New York Times obituary 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."[2] 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 and 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 ADG's Hahne & Co. division (six New Jersey locations) and several former John Wanamaker's and Woodward & Lothrop locations were assumed by Lord & Taylor. From 1997 to 2006, Lord & Taylor occupied the former Wanamaker's flagship store in downtown Philadelphia, Pennsylvania.

During the 1990s and early 2000s, May attempted to take the chain national. Under the leadership of CEO Marshall Hillsberg, Lord & Taylor once again entered the expansion mode in the 1990s, opening stores as far west as Denver, with plans to enter the Las Vegas, Nevada market. At one time, Lord & Taylor had as many as 86 stores across the country.

After continuing tepid results and repeated tinkering with its merchandising, May gave up its national ambitions for the division. Newly appointed President and CEO Jane Elfers announced the shuttering of 32 stores in 2003 (representing 38% of the division's store base and 35% of its total square footage, but only 19% of total sales). Many of the closed locations were only a few years old and most were in a market where most people were not willing to spend Lord & Taylor's prices. The company's strategy for the move was to concentrate on its "core" East Coast Corridor markets (New York City, Boston, Philadelphia, Washington, D.C., metro) as well its midwest locations in Chicago, Detroit, and St. Louis.[3] [4]

Amidst these changes, Lord & Taylor ceded its postwar position as a fashion leader in the 1980s and 1990s to Saks Fifth Avenue, Bloomingdale's, Neiman Marcus, and Nordstrom.

2003 restructuring

Following its dramatic restructuring in 2003, Lord & Taylor's leadership sought a return to the store's roots. Renewed focus was placed on creating and maintaining an upscale shopping experience in the remaining 54 locations, with determination to leave behind perception of a middle-of-the-road merchandising strategy. Alterations such as conversion of remaining Lord & Taylor Cafés into Larry Forgione's Signature Cafés were evidence of the chain's intent to have a more clearly defined signature style.

Federated

Just three years later, the continuation of this effort came into doubt when May Department Stores was acquired by Federated Department Stores on August 30, 2005. Lord & Taylor served the market between Federated's Macy's and Bloomingdale's chains, and 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 early March 2006, prepping the company for sale, Federated announced that 5 underperforming Lord & Taylor stores would close (Christiana Mall, Delaware; Northshore Mall, Massachusetts; Fairlane Town Center, Michigan; West County Center and St. Louis Galleria, Missouri).[5] The Center City, Philadelphia store, the former flagship of the John Wanamaker chain, was converted to Macy's on August 1, 2006. On June 22, 2006, it announced that NRDC Equity Partners, LLC would purchase Lord & Taylor for $1.2 billion,[6] a sale that was 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. In March of 2007, General Growth Properties declined to renew the lease to the Water Tower Place store shuttering a prominent downtown Chicago location which had opened in 1975.

New Look

In September 2007, the department store unveiled a new look to the public. The new image was the work of advertising guru David Lipman, who created a branding campaign, new advertising, shopping bags and boxes, and a new credit card. [7] Changes in merchandise were also highlighted. It is expected that Lord & Taylor will be on par with Saks Fifth Avenue and Neiman Marcus, and slightly above Bloomingdale's and Nordstrom, in an attempt to return to its fashionable roots.

In addition to the rebranding campaign, NRDC Equity Partners, the parent company of Lord & Taylor, committed to spending $250 million to renovate current stores and look for new locations in the Chicago area. Lord & Taylor reported a jump in sales after many of May's stores took on the Macy's nameplate in 2006. The Fifth Avenue flagship store is undergoing a $150 million renovation, and several suburban locations are slated for renovation as well.

Fortunoff

In February 2008, NRDC announced plans to buy the upscale Fortunoff home-furnishings and jewelry retailer based in nearby Westbury (Long Island), New York. It was announced that the Lord & Taylor Fifth Avenue flagship store will see a 100,000-square-foot home-furnishings department featuring Fortunoff merchandise; also, the fine-jewelry departments in all Lord & Taylor stores will become Fortunoff implants. Fortunoff will also operate a bridal registry in all Lord & Taylor stores.

Upgraded merchandise

A branding campaign aimed at highlighting upgraded merchandise was presented in the fall. New and upscale clothing brands were added to the assortment, such as La Prairie, Juicy Couture, and Coach. Lord & Taylor had also spent time creating their own store brands. They created five new ones: "Kate Hill," "Kate Hill Casual," and "Identity" for women, and "Metropolitan" and "Grant Thomas" for men.

Noted designer Joseph Abboud has partnered with Lord & Taylor to oversee the creative direction for the men's department. Abboud will assume design responsibility for all classifications of Lord and Taylor's proprietary men's product including tailored clothing, sportswear, and accessories. The product will debut in Fall 2008 with deliveries beginning in August.[8]

Favorite Store Campaign

In May 2008 celebrity fashion stylist Robert Verdi created a series of online video clips on the Lord & Taylor website to showcasing his fashion tips, as well as short clips of shoppers telling Verdi why they love Lord & Taylor.

Future

NRDC may have plans to expand Lord and Taylor in the future, but before any plans are to be made, Lord and Taylor has plans to expand Fortunoff into every Lord and Taylor. The company is currently in talks to acquire the Hudson's Bay Company in Canada, possibly converting some downtown Bay stores to the Lord & Taylor banner.

Current locations

Connecticut

The stores that are located in Connecticut are:[9]

  • Danbury - Danbury Fair Mall - 79,000 sq ft (7,300 m2). (opened 1991)
  • Farmington - Westfarms Mall - 117,000 sq ft (10,900 m2). - (opened 1983, relocated from West Hartford, Connecticut, opened 1953)
  • Stamford - Downtown Stamford (freestanding) - 155,000 sq ft (14,400 m2). (opened 1969, expanding to 190,000 sq ft (18,000 m2) in 2008)
  • Trumbull - Westfield Trumbull (formerly Trumbull Shopping Park) - 114,000 sq ft (10,600 m2). (opened 1992)

District of Columbia

The stores that are in the District of Columbia are:[10]

  • Washington, D.C. - Friendship Heights at Western Avenue (freestanding) - 146,000 sq ft (13,600 m2). (opened 1959)

Illinois

The stores that are located in Illinois are.[11]

Maryland

The stores that are located in Maryland are.[12]

Massachusetts

This is a picture of the Lord & Taylor in Boston after a 2006 remodel.

The stores that are located in Massachusetts are:[13]

Michigan

The stores that are located in Michigan are:[14]

New Jersey

The stores that are located in New Jersey are:[15]

This is a large Lord & Taylor department store at Bridgewater Commons in Bridgewater, New Jersey.

New York

The stores that are located in New York are:[16]

Pennsylvania

The stores that are located in Pennsylvania are:[17]

Virginia

The stores that are located in Virginia are:[18]

Former locations

Closed after 2006 purchase by NRDC Equity Partners, LLC

Previously closed stores (as part of Federated 2006 preparation for divesture)

  • Pennsylvania - Philadelphia - Center City Philadelphia - 354,000 sq ft (32,900 m2). (opened 1997, formerly downtown flagship of John Wanamaker, closed 2006 and converted to Macy's)[5]
  • Delaware - Newark - Christiana Mall - 129,000 sq ft (12,000 m2). (opened 1997, former John Wanamaker location; closed 2006, location to become a new concept store known as "The Epicenter Collection," an Internet catalog showroom)[5]
  • Massachusetts - Peabody - Northshore Mall - 114,000 sq ft (10,600 m2). (opened 1993, closed 2006; now Macy's Men's and Furniture location)[5]
  • Michigan - Dearborn - Fairlane Town Center - 122,000 sq ft (11,300 m2). (opened 1978, closed 2006)[5]
  • Missouri - Des Peres - West County Center - 140,000 sq ft (13,000 m2). (opened 2002, closed 2006, being converted to mall space)[5]
  • Missouri - Richmond Heights - Saint Louis Galleria - 115,000 sq ft (10,700 m2). (opened 1991, closed 2006, being rebuilt and reopened as Nordstrom in 2010)[5]

Previously closed stores (as part of 2003 May restructuring)

  • Colorado - Broomfield - Flatiron Crossing Mall - 120,000 sq ft (11,000 m2). (opened 2000, closed 2005).[4]
  • Colorado - Denver - Cherry Creek Shopping Center - 121,000 sq ft (11,200 m2). (opened 1990, replaced with larger store 1997, closed 2005, location being reopened by Nordstrom 2007)[4]
  • Colorado - Lone Tree - Park Meadows - 200,000 sq ft (20,000 m2). (opened 1997, closed 2004, demolished 2006 in favor of outdoor retail)[4]
  • Connecticut - Manchester - The Shoppes at Buckland Hills - 106,000 sq ft (9,800 m2). (opened 1994 in former Steiger's location, converted to a second Filene's location 2004) [4]
  • Connecticut - Meriden - Westfield Meriden - 92,000 (opened 1999, closed 2004; location subdivided into mall space)[4]
  • Florida - Aventura - Aventura Mall - 127,000 sq ft (11,800 m2). (opened 1983, closed 2004; location being reopened by Nordstrom in February 2008)[4][19]
  • Florida - Boca Raton - Town Center at Boca Raton - 118,000 sq ft (11,000 m2). (opened 1986, closed 2004, location reopened as Neiman Marcus 2005)[4][19]
  • Florida - Miami - Dadeland Mall - 140,000 sq ft (13,000 m2). (opened 1986, demolished and rebuilt 2003 and never reopened, location reopened as Nordstrom 2004)[4][19]
The exterior of a “new generation” former Lord & Taylor department store at The Florida Mall in Orlando, Florida. Lord & Taylor opened nine of these stores since 2001, with the store at the The Shops at Willow Bend being the prototype; all locations have subsequently been closed. These were the largest store format rolled out averaging 140,000 sq ft (13,000 m2).

Previously closed stores (closed prior to 2003)

  • Connecticut - West Hartford, Bishops Corner Shopping Center (freestanding) (opened 1953, relocated to Westfarms Mall 1983, building later occupied by Caldor)
  • Florida - Boynton Beach - Boynton Beach Mall (opened 1985, location closed 1991, reopened as Mervyn's, currently Dillard's: Men and Children's Store)
  • Florida - Coral Springs - Coral Square Mall (opened 1984, closed 1991, reopened as Mervyns, now Dillard's)
  • Florida - Miami - Cutler Ridge Mall (opened 1982, location closed 1991, reopened as Mervyn's, then Dillard's, demolished 2004 in renovation)
  • Florida - Miami - Miami International Mall (opened 1985, location closed 1991, reopened as Mervyn's, currently Dillard's)
  • Florida - West Palm Beach - Palm Beach Mall (opened 1980, location closed 2001, subdivided as mall space)
  • Florida - Fort Lauderdale - The Galleria at Fort Lauderdale (opened 1983, location closed 2002)
  • Florida - Jensen Beach - Treasure Coast Square (opened 1987, location closed 1991, reopened as Mervyn's, currently Dillard's)
  • Illinois - Aurora - Fox Valley Center - (opened 1977, location closed 1996, reopened as Carson Pirie Scott)
  • Illinois - Vernon Hills - Hawthorn Center - (opened 1975, location closed 1990, reopened as Carson Pirie Scott)
  • Maryland - Owings Mills - Owings Mills Mall (opened 1998, location closed 2000, 2nd floor now Sticks N Stuff store)
  • Michigan - Ann Arbor - Briarwood Mall (opened 1980, closed 1994, reopened as Jacobson's, now Von Maur)
  • New Jersey - Millburn - (freestanding) (opened 1941, closed 1988 location moved to former Hahne's at Livingston Mall, reopened as Fresh Fields, Home Place, and Revco drugstore)
  • Pennsylvania - Jenkintown - 323 Old York Rd (freestanding) (opened 1964, location closed 1989)
  • Tennessee - Memphis - Oak Court Mall (opened 1988, closed 1992, reopened as secondary Dillard's location)
  • Texas - Dallas - Prestonwood Town Center (opened 1979, location closed 2001, mall demolished)
  • Texas - Houston - Greenspoint Mall (opened 1979, location closed 1989, reopened as Mervyn's, now vacant)
  • Texas - Houston - Memorial City Mall (1st time) (opened 1977, location closed 1989, reopened as Mervyn's, now demolished)
  • Texas - Houston - West Oaks Mall (opened 1984, location closed 1990, reopened as JCPenney, now closed)
  • Texas - Plano - Collin Creek Mall (opened 1981, location closed 1990, reopened as Mervyn's, now vacant)
  • Texas - San Antonio - Rivercenter (opened 1988, converted to Foley's in 1989, now Macy's)
  • Virginia - Falls Church - (freestanding) (opened 1965, location closed 1992, redundant due to neighboring Fairfax and McLean stores; reopened as Caldor, now Sears)

Stores announced but never built/completed

  • Iowa - West Des Moines - Jordan Creek Town Center (cancelled 2003, became Younkers) [21]
  • Michigan - Grand Rapids - Woodland Mall (cancelled 2002, planned location became theater and other stores)
  • Michigan - Troy - Oakland Mall (cancelled 2004 due to Marshall Field's acquisition, planned location never developed)
  • New Jersey - Seaview Square Mall - (cancelled 1990s, planned location never developed. Mall torn down)
  • New York - Syosset, Long Island - The Mall at Oyster Bay (planned location assumed by Nordstrom)
  • New York - Kingston - Hudson Valley Mall (planned location became Target)
  • Nevada - Las Vegas - Fashion Show (cancelled 2003, planned location developed as mall space)
  • North Carolina - Charlotte - SouthPark Mall (cancelled 1986, planned location developed as mall space)
  • Oklahoma - Oklahoma City - Penn Square Mall (intended store opened as Foley's in 1988)
  • Texas - Hurst - North East Mall (cancelled 2003, planned location developed as movie theater)
  • Virginia - Richmond - Short Pump Town Center (cancelled 2003, planned location developed as mall space)

Closed Lord & Taylor clearance centers

  • Florida - Fort Lauderdale (Tamarac) - 6820 N. University Dr.
  • Illinois - Arlington Heights - Town & Country Mall (closed early 2000s, mall torn down)
  • Illinois - Gurnee - Gurnee Mills
  • New Jersey - North Plainfield (closed 2003)
  • Pennsylvania - Jenkintown - opened in former Jenkintown full line location - (closed 1990)

References

  • "A History of Lord & Taylor," 175th Anniversary publication

Notes

  1. ^ Federated To Sell 55-Store Lord & Taylor Chain, The CoStar Group, 17 Jan 2006.
  2. ^ Obituaries, The New York Times, p. B17, May 7, 1992.
  3. ^ Who'll Take Lord & Taylor's Vacant Stores?; Retail Traffic Jul 31, 2003; retrieved December 19, 2006
  4. ^ a b c d e f g h i j k l m n o p q r s t u v w x y z aa ab ac ad ae af ag Yeomans, Michael; Lord & Taylor leaving Downtown; Pittsburgh Tribune-Review July 31, 2003; retrieved on December 19, 2006
  5. ^ a b c d e f g Lord & Taylor closing at Galleria, West County malls, St. Louis Business Journal, March 10, 2006.
  6. ^ Federated Agrees to Sell Lord & Taylor to NRDC Equity Partners; Transaction Expected to Close in Third Quarter of 2006, Federated Department Stores, Inc., June 22, 2006.
  7. ^ Never Mind What’s in Them, Bags Are the Fashion - New York Times
  8. ^ Retail Merchandiser Magazine Online - Lord and Taylor Confirms Creation of Proprietary Menswear Line With Designer Joseph Abboud
  9. ^ Store Locator for Connecticut; lordandtaylor.com; retrieved December 11, 2006
  10. ^ Store Locator for The District of Columbia; lordandtaylor.com; retrieved December 11, 2006.
  11. ^ Store Locator for Illinois; lordandtaylor.com; retrieved December 11, 2006.
  12. ^ Store Locator for Maryland; lordandtaylor.com; retrieved on December 11, 2006.
  13. ^ Store Locator for Massachusetts; lordandtaylor.com; retrieved on December 11, 2006.
  14. ^ Store Locator for Michigan; lordandtaylor.com; retrieved on December 11, 2006.
  15. ^ Store Locator for New Jersey; lordandtaylor.com; retrieved on December 11, 2006.
  16. ^ Store Locator for New York; lordandtaylor.com; retrieved on December 11, 2006.
  17. ^ Store Locator for Pennsylvania; lordandtaylor.com; retrieved on December 11, 2006.
  18. ^ Store Locator for Virginia; lordandtaylor.com; retrieved on December 11, 2006.
  19. ^ a b c d e f g Londner, Robin (2003-07-30). "May to close all Fla. Lord & Taylor stores". South Florida Business Journal. American City Business Journals. Retrieved 2007-06-25. {{cite news}}: Check date values in: |date= (help)
  20. ^ a b c d e "Lord & Taylor closing five Texas stores". Dallas Business Journal. American City Business Journals. 2003-07-30. Retrieved 2007-06-25. {{cite news}}: Check date values in: |date= (help)
  21. ^ a b May almost rid of surplus Lord & Taylor stores; Shopping Centers Today; International Council of Shopping Centers; retrieved December 19, 2006
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