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Deathwatch: Lord & Taylor's NYC flagship store to close
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That Derek
2018-06-07 04:28:13 UTC
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https://nypost.com/2018/06/05/hudsons-bay-to-close-lord-taylors-flagship-nyc-store/

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Hudson’s Bay to close Lord & Taylor’s flagship NYC store

By Lisa Fickenscher
June 5, 2018 | 11:22am

The Lord & Taylor flagship was supposed to shrink to 150,000 square feet next year — but now the oldest department store company in the US is disappearing entirely from Fifth Avenue after 104 years in its present location.

Its owner, Toronto-based Hudson’s Bay Company, is closing the store along with at least nine other Lord & Taylor locations next year amid declining sales and a steely focus on the bottom line by new HBC chief executive Helena Foulkes.

The 11-story flagship was sold to office-sharing firm WeWork last year in a deal that was supposed to preserve a sliver of the storied department store.

With 48 stores in the US — mostly in the Northeast — Lord & Taylor is leaning heavily on its new partnership with Walmart.com, with which it launched a dedicated website last week. The plan is to leverage the giant retailer’s millions of shoppers across the country, particularly in regions where there is no Lord & Taylor presence.

“We are taking action to reposition Lord & Taylor for improved results and increased profitability,” Foulkes said in a statement Tuesday. “We will take advantage of having a smaller footprint to rethink the model and focus on our digital opportunities.” The former CVS executive joined HBC in February.

On Monday, HBC shed its flash sales website Gilt, which it bought two years ago for $250 million.

HBC’s total sales increased 1 percent in the first quarter, to $3.1 billion, largely on the strength of its Saks Fifth Avenue chain, whose comparable sales rose 6 percent.

Overall comparable sales for the company declined 0.7 percent, while comparable sales for its HBC Europe division, which includes German department store chain Galeria Kaufhof, declined 6.6 percent.

“I am confident that the retail operations are moving the right direction under Helena’s leadership,” HBC executive chairman Richard Baker said in a statement. “We will continue to explore all opportunities to leverage the strength of our real estate portfolio to create value for our shareholders.”

HBC’s shares closed down 1.5 percent Tuesday, to $10.46.

“It’s sad for the city to lose Lord & Taylor,” said Faith Hope Consolo of Douglas Elliman Real Estate, “but it’s a trophy location and its real estate is more valuable than the business.”
Louis Epstein
2018-06-11 06:26:28 UTC
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Post by That Derek
https://nypost.com/2018/06/05/hudsons-bay-to-close-lord-taylors-flagship-nyc-store/
Business
Hudson?s Bay to close Lord & Taylor?s flagship NYC store
By Lisa Fickenscher
June 5, 2018 | 11:22am
The Lord & Taylor flagship was supposed to shrink to 150,000 square
feet next year ? but now the oldest department store company in the US
is disappearing entirely from Fifth Avenue after 104 years in its
present location.
OUCH!...very sad.
Post by That Derek
Its owner, Toronto-based Hudson?s Bay Company, is closing the store
(In turn owned by a Westchester-based real estate outfit)
Post by That Derek
along with at least nine other Lord & Taylor locations next year amid
declining sales and a steely focus on the bottom line by new HBC chief
executive Helena Foulkes.
The 11-story flagship was sold to office-sharing firm WeWork last year
in a deal that was supposed to preserve a sliver of the storied
department store.
With 48 stores in the US ? mostly in the Northeast ? Lord & Taylor is
leaning heavily on its new partnership with Walmart.com, with which it
launched a dedicated website last week. The plan is to leverage the
giant retailer?s millions of shoppers across the country, particularly
in regions where there is no Lord & Taylor presence.
?We are taking action to reposition Lord & Taylor for improved results
and increased profitability,? Foulkes said in a statement Tuesday. ?We
will take advantage of having a smaller footprint to rethink the model
and focus on our digital opportunities.? The former CVS executive joined
HBC in February.
On Monday, HBC shed its flash sales website Gilt, which it bought two
years ago for $250 million.
HBC?s total sales increased 1 percent in the first quarter, to $3.1
billion, largely on the strength of its Saks Fifth Avenue chain, whose
comparable sales rose 6 percent.
Overall comparable sales for the company declined 0.7 percent, while
comparable sales for its HBC Europe division, which includes German
department store chain Galeria Kaufhof, declined 6.6 percent.
?I am confident that the retail operations are moving the right
direction under Helena?s leadership,? HBC executive chairman
"Governor" is the traditional title...
Post by That Derek
Richard Baker said in a statement. ?We will continue to explore all
opportunities to leverage the strength of our real estate portfolio to
create value for our shareholders.?
Baker's company separately acquired Lord & Taylor,
Hudson's Bay,and Saks from different owners...L&T from
Federated which wanted to be just Macy's (which it took as
its corporate name) and Bloomingdales,then the other two.

L&T (founded 1825) is among the oldest names in American retail,
but HBC dates to the 17th century,and was made the parent,
and Saks had a more securely upscale reputation in recent years,
so I guess L&T is getting the short end of the stick.
Post by That Derek
HBC?s shares closed down 1.5 percent Tuesday, to $10.46.
?It?s sad for the city to lose Lord & Taylor,? said Faith Hope Consolo
of Douglas Elliman Real Estate, ?but it?s a trophy location and its real
estate is more valuable than the business.?
-=-=-
The World Trade Center towers MUST rise again,
at least as tall as before...or terror has triumphed.

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