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In September, we wrote about department store Lord & Taylor and many praised its prices and shopping environment. One passionate comment:
Lord & Taylor's is fantastic. Over the past 3-4 years, they've made a great effort to stock well edited pieces from younger, trendier brands. They're like Macy's in that they always have a great sale (and bonus coupons), but it's never as crowded, loud, chaotic, or unorganized. I've never had to wait in line for a fitting room or had to wade through knee-deep clothing that's fallen off the racks. The sales associates are polite, friendly, and are actually knowledgeable about the clothes that they're selling - I mean, how often do find a sales associate in a mid-priced large dept. store suggesting and pulling items for you!? So I guess if shopping in a calm, uncluttered store that offers well-made, stylish clothing AND thoughtful service is only for the elderly - friggin hand me my walker.Well, now it turns out that Lord & Taylor's parent company NRDC, is considering a drastic change. Crain's reports, "NRDC may move the store - a landmark on Fifth Avenue and West 39th Street for 92 years - to another Manhattan location. Or it could leave town altogether, moving its flagship to the suburbs." President Richard Baker says, "It's nice having a Manhattan store, but I wouldn't call it key. We want to be where people live, not where they work."
To put the numbers in perspective, Lord & Taylor's NYC flagship makes only 9% of the chain's revenue, while Saks Fifth Avenue's NYC flagship makes 20% of revenue. One idea is that L&T would give up some of their 600,000 square feet, creating a 200,000 square foot store and leaving 400,000 square feet for condos. Or NRDC could give up the Fifth Avenue and 39th Street lease completely, either moving to the 'burbs or finding another space. (Apparently Neiman Marcus and the UK's Top Shop are in the hunt for retail space in the city.)
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I thought Nieman Marcus owned Bergdorf. Wouldn't a NYC store cannibalize sales?
Lord & Taylor is such a good store.
shame on NYC for not shopping there.
Lord & Taylors, Macys, etc. they all carry the same stuff for similar prices, I don't care about the store, but NO MORE condos!
It doesn't sound like total sales is the issue. It's the price of the lease and the value of the building to its owners. Plus, the fifth Avenue store may contribute 9% of sales but they don't say what percentage of profits, if any, it contributes.
Why is it the only businesses in this city that can affort the leases are fast-food chains and luxury co-ops?
I'd be really sorry to see L&T go. It's a good alternative to the few other remaining dept. stores in the city. Pleeez....no more condos.
How about a Nordstrom?
Hey, cheer up folks! it'll be a great location for the manhattan Wal-Mart!
I hope L&T stays in the city. So many good memories over the years, shopping for a party dress, for Christmas...since 1968 when I arrived in NYC as a young uninitiated foreign student.
This place is fantastic for men's casual and biz casual. I think you could easily divide it into 2 locations for men and women and not hurt the brand -- trying to play the Macy's game clearly hasn't work. Give up maybe 4 floors to condos. Or put in a steakhouse!
Arrrrrrgh!!!! L&T is a hidden gem and the bonus coupons rock. And the words "luxury condos" makes me want to vomit.
This bums me out - I love L & T. Great service, great selection, justifiable prices. Sigh.
I have always loved Lord and Taylor. To me it is the only real department store in the city. No blaring music, no darkend ambience very good lunchtime restaurants, clean ladies rooms and such helpful clerks. When I shop there I know the quality of my items will be first rate. No cheesy ripoffs and wonderful return policy. If I am looking for something in particular or special thats where I will go.