Lord & Taylor

Lord & Taylor
Subsidiary
Industry Retail
Founded 1826 (1826)
Headquarters New York, New York, U.S.
Number of locations
 50,+4 L&T outlets[1]
Products Clothing, footwear, jewelry, beauty products, fragrances, electronics, bedding and housewares
Owner NRDC Equity Partners
Parent Hudson's Bay Company
Subsidiaries Find @ Lord & Taylor
Website www.lordandtaylor.com

Lord & Taylor is a department store in the United States, the oldest department store in the country.[2] Headquartered in New York City, it is a subsidiary of the oldest commercial corporation in North America, the Hudson's Bay Company.[3][4][5]

Lord & Taylor has 50 locations, and four L&T outlets.[1][6]

History

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.[7] His cousin, George Washington Taylor, joined in 1834, and the store was named Lord & Taylor. Sames S. Taylor, Lord's brother-in-law, replaced George Taylor in 1845 and the store moved to Grand and Chrystie Streets in 1854.[8]

Lord & Taylor flagship store on Fifth Avenue in Manhattan

In 1860, they opened a second store on Broadway at Grand Street, keeping the older store open.[7][8] 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".[7] The new store expanded around 1890 by annexing a building to east.[9] 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.[10][11][12][13][14][15][16][17]

The Starrett & van Vleck-designed Fifth Avenue store and headquarters opened between 38th and 39th streets on February 24, 1914.[18][19] The Broadway store was quickly sold, on March 26.[20] The Fifth Avenue store became a New York City Landmark on October 30, 2007.[21]

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.[22][23]

20th century

In 1945, Dorothy Shaver became the first woman to head a major retail establishment in the United States as president of Lord & Taylor.[24] 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).[25] Many of Lord & Taylor's special services, including personal shoppers, were introduced while Shaver presided.[26]

Lord & Taylor at night

During this period she introduced the Andrew Geller hand written logo and the American Beauty Rose as icons of the store. Shaver died in 1959.[24][27][28]

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."[29][30] A management shakeup ousted him in 1976.[31]

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.[32] Under May, the majority of the upscale Hahne & Co., Wanamaker's, and Woodward & Lothrop chains were converted to Lord & Taylor.[33][34][35]

21st century

Jane Elfers became Lord & Taylor's second female president in June 2000.[36] Former Neiman Marcus executive, Brendan Hoffman replaced her in October 2008, when Elfer's contract had expired.[37] A third female president, Bonnie Brooks, took over in 2011, and a fourth female president, Liz Rodbell, took over in 2013.[38][39]

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.[40] 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.[41] 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.[42] 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, consists of Hudson's Bay and Home Outfitters in Canada, Galeria Kaufhof in Germany, and Lord & Taylor and Saks Fifth Avenue in the United States.[43][44]

HBC committed to spend an additional $250 million upgrading stores. The Fifth Avenue flagship store received a $150 million update in 2010.[45] In March 2017, Lord & Taylor partnered with Brideside to launch an in-store bridal shop.[46] In April 2017, Lord & Taylor completed a $12 million renovation plan at the Fifth Avenue store,[47] however in October 2017 they announced that they were selling the building to WeWork for $850 million.[48]

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.[49]

In May 2018 it was announced that Walmart would begin carrying Lord & Taylor products on their website.[50] A few weeks later, HBC announced they would be closing up to ten Lord & Taylor stores, including the 5th Avenue location.[51]

See also

References

  1. 1 2 "Lord & Taylor expanding". Merchandising Matters. Retrieved October 27, 2015.
  2. ↑ "Lord & Taylor vs. Nordstrom: Better shopping experience?". recomparison.com. Retrieved October 27, 2015.
  3. ↑ "Hudson's Bay Company chartered - May 02, 1670 - HISTORY.com". HISTORY.com. Retrieved 2018-05-23.
  4. ↑ "The Owner of Saks Fifth Avenue and Lord & Taylor Might Go Private". Fortune. Retrieved 2018-05-23.
  5. ↑ "Hudson's Bay cutting 2,000 positions in North America | The Star". thestar.com. Retrieved 2018-05-23.
  6. ↑ "Lord and Taylor: Designer Clothing, Shoes, Handbags, Accessories & More". locations.lordandtaylor.com. Retrieved 2018-05-23.
  7. 1 2 3 Burrows, Edwin G. & Wallace, Mike Gotham: A History of New York City to 1898. New York: Oxford University Press, 1999.
  8. 1 2 "America's Successful Men of Affairs:An Encyclopedia of Contemporaneous Biography (Samuel Lord entry)". New York: Tribune. 1895. p. 403. Archived from the original on May 5, 2017. Retrieved May 5, 2017 – via Ancestry.com.
  9. ↑ "Attractive to Shoppers (Lord & Taylor)". The New York Times. October 15, 1891. p. 8. Retrieved May 5, 2017 – via Newspapers.com .
  10. ↑ "Lord & Taylor (Advertisement)". New York Times. March 10, 1879. Retrieved May 5, 2017 – via Newspapers.com .
  11. ↑ The Christian Union. New York: J.B. Ford & Company. April 17, 1878. p. 331 – via Google Books.
  12. ↑ The Evening Post Record of Real Estate Sales in Greater New York. January 1, 1901.
  13. ↑ "Dresses, Furs, and Bonnets (Lord & Taylor)". The New York Times. October 8, 1880. p. 8. Retrieved May 5, 2017 – via Newspapers.com .
  14. ↑ "Our New Building - Lord & Taylor". The New York Times. December 5, 1887. p. 8. Retrieved May 5, 2017 – via Newspapers.com .
  15. ↑ Morrone, Francis (December 27, 2007) "A Landmark Department Store" The New York Sun
  16. ↑ "Dear Lord & Taylor, Retail's Resting Place". Observer. 2006-09-11. Retrieved 2018-05-23.
  17. ↑ "Vintage Fashion Guild : Label Resource : Lord & Taylor". vintagefashionguild.org. Retrieved 2018-05-23.
  18. ↑ "Fifth Avenue's Wonderful Evolution As Shopping Center". The New York Times. February 22, 1914. p. 71. Retrieved May 5, 2017 – via Newspapers.com .
  19. ↑ "The New Store Opens Tuesday (Lord & Taylor)". The New York Times. February 22, 1914. p. 5. Retrieved May 5, 2017.
  20. ↑ "Lord & Taylor's Old Corner Sold". The New York Times. March 27, 1914. p. 18. Retrieved May 5, 2017 – via Newspapers.com .
  21. ↑ Percival, Marianne (October 30, 2007) Lord & Taylor Building Designation Report New York City Landmarks Preservation Commission
  22. ↑ "Hilsberg to Run May Division". Los Angeles Times. 1986-10-16. ISSN 0458-3035. Retrieved 2018-05-23.
  23. ↑ "Associated Merges With May". tribunedigital-chicagotribune. Retrieved 2018-05-23.
  24. 1 2 "Dorothy Shaver (1893–1959), The First Lady of Retailing" (PDF). National Museum of American History Archives Center. Retrieved May 6, 2017.
  25. ↑ "Cooper Union Alumni Association | Alumni Profile: Andrew Geller, AR'49, and Shirley Geller, A'44". cooperalumni.org. Retrieved 2018-05-23.
  26. ↑ Stephanie, Amerian, (2009-06-01). "Fifth Avenue's First Lady: Dorothy Shaver".
  27. ↑ "Miss Shaver Dead; Led Lord & Taylor; Dorothy Shaver Is Dead at 66; Headed Lord & Taylor Since' 45". The New York Times. 1959-06-29. ISSN 0362-4331. Retrieved 2018-05-23.
  28. ↑ "RETAIL TRADE: Fifth Avenue's First Lady". Time. 1945-12-31. ISSN 0040-781X. Retrieved 2018-05-23.
  29. ↑ "Metro Atlanta Lord & Taylor stores closing". www.bizjournals.com. Retrieved 2018-05-23.
  30. ↑ "W. J. Lippincott, 73; Headed Lord & Taylor". The New York Times. May 7, 1992. p. B17. Retrieved January 2, 2018.
  31. ↑ "New Lord & Taylor Team Plans Expansion". The New York Times. 1972. ISSN 0362-4331. Retrieved 2018-05-23.
  32. ↑ "Mervyn's to acquire five Lord & Taylor stores in Florida". UPI. Retrieved 2018-05-23.
  33. ↑ Pressler, Margaret Webb (1995-08-29). "AT WOODIES, TAKING STOCK BEFORE A FINAL SALES BLITZ". Washington Post. ISSN 0190-8286. Retrieved 2018-05-23.
  34. ↑ "Hello, Lord & Taylor". www.bizjournals.com. Retrieved 2018-05-23.
  35. ↑ Barmash, Isadore. "Lord & Taylor to Bolster Presence in New Jersey". Retrieved 2018-05-23.
  36. ↑ Kaufman, Leslie (2000-08-13). "PRIVATE SECTOR; Loosening Up at Lord & Taylor". The New York Times. ISSN 0362-4331. Retrieved 2018-05-23.
  37. ↑ Kapner, Suzanne (September 26, 2008). "Shakeup at Lord & Taylor". CNN. Archived from the original on December 11, 2008. Retrieved May 11, 2010.
  38. ↑ "2017 Commencement Speaker: Liz Rodbell, President of Hudson's Bay and Lord & Taylor". Retrieved 2018-05-23.
  39. ↑ "Bonnie Brooks adds top job at Lord & Taylor". Financial Post. 2012-01-23. Retrieved 2018-05-23.
  40. ↑ Edelson, David Moin,Sharon (2006-01-13). "Retail's Changing World: Federated Opts to Put Lord & Taylor on Block". WWD. Retrieved 2018-05-23.
  41. ↑ Tritto, Christopher (March 10, 2006). "Lord & Taylor closing at Galleria, West County malls". St. Louis Business Journal. Retrieved January 2, 2018.
  42. ↑ "Federated Agrees to Sell Lord & Taylor to NRDC Equity Partners; Transaction Expected to Close in Third Quarter of 2006" (Press release). Federated Department Stores, Inc. June 22, 2006.
  43. ↑ "Hudson's Bay Company Completes Acquisition of GALERIA Holding". Retrieved 2018-05-23.
  44. ↑ "NRDC Equity Partners announces the acquisition of Hudson's Bay Company". www.newswire.ca. Retrieved 2018-05-23.
  45. ↑ "Retail Renewal: More Renovations In Store For Lord & Taylor On Fifth Avenue". The Shophound. March 27, 2013. Retrieved May 6, 2017.
  46. ↑ McClay, Rebecca (March 21, 2017). "Lord & Taylor Launches In-Store Bridal Shop". Investopedia. Retrieved 2017-10-18.
  47. ↑ Noto, Anthony (April 3, 2017). "Lord & Taylor may turn its 103-year-old landmark store into a steel-and-glass skyscraper". New York Business Journal. Retrieved January 2, 2018.
  48. ↑ "Lord & Taylor sells landmark Fifth Avenue store". 24 October 2017. Retrieved 23 May 2018.
  49. ↑ O’Brien, Matt (2018-04-01). "Data breach hits Saks Fifth Avenue, Lord & Taylor stores". The Boston Globe. Associated Press. Retrieved 2018-04-01.
  50. ↑ "Wal-Mart strikes deal with Lord & Taylor, growing in fashion against Amazon". 13 November 2017. Retrieved 23 May 2018.
  51. ↑ "Hudson's Bay to close up to 10 Lord & Taylor stores, including Fifth Avenue in New York". Retrieved 5 June 2018.

Coordinates: 40°45′05″N 73°58′59″W / 40.75149°N 73.98307°W / 40.75149; -73.98307

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