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Lord & Taylor was an American department store chain founded in 1826 by Samuel Lord. It had 86 full-line stores in the Northeastern United States at its peak in the 2000s, and 38 locations at the time of its liquidation in 2021. The Lord & Taylor Building flagship store in Midtown Manhattan operated from 1914 until 2019, and was designated a New York City Landmark in 2007. The chain was owned by many companies in its existence, including Associated Dry Goods from 1916–1986, The May Department Stores Company from 1986–2005, Federated Department Stores from 2005–2006, NRDC Equity Partners from 2006–2008, Hudson's Bay Company from 2008–2019, and Le Tote from 2019–2021. The intellectual property was sold to the Saadia Group, which attempted to relaunch the brand as a web store. Saadia went into default in March 2024, and the intellectual property was acquired by Regal Brands Global that September.<ref name=":1">{{#invoke:citation/CS1|citation |CitationClass=web }}</ref><ref>Template:Cite news</ref><ref name="Reuters">Template:Cite news</ref><ref name=":2">{{#invoke:citation/CS1|citation |CitationClass=web }}</ref><ref name=":3">Template:Cite press release</ref>
HistoryEdit
Under the Lord family, 1826–1916Edit
English-born Samuel Lord started a dry goods business in New York City in 1824 and opened the original store that would become Lord & Taylor in 1826, on Catherine Street in what is now Two Bridges, Manhattan. The shop stocked hosiery, misses' wear, and cashmere shawls.<ref name="gotham">Template:Cite gotham</ref> His wife's cousin, George Washington Taylor, joined in 1834, and the store was named Lord & Taylor.<ref name=":0" /> The store continued to grow: it annexed 49 Catherine Street in 1832 and moved six years later to 61–63 Catherine Street.<ref name="history2001">Template:Cite book</ref><ref name="desrep" /> James S. Taylor, Lord's brother-in-law, replaced George Taylor in 1845.<ref name=":0" /> The company erected a new building at Grand and Chrystie Streets in 1853 and moved into that location the following year.<ref name=":0">{{#invoke:citation/CS1|citation |CitationClass=web }}</ref><ref name="desrep" /> Lord later named his son John T. Lord and his employee John S. Lyle as partners in the enterprise.<ref name="desrep" />
On August 29, 1859, Lord & Taylor opened a second store on Broadway at Grand Street in the modern-day SoHo neighborhood, keeping the older store open.<ref name="gotham" /><ref name=":0" /> The new store was described as a "five-story marble emporium" and was among Broadway's first major new department stores since the A.T. Stewart building at 280 Broadway was completed in 1846. At the same time, Lord & Taylor started participating in wholesaling.<ref name="desrep" /> Lord retired in 1862.<ref name="gotham" /> Samuel Lord Jr. and George Washington Taylor Lord succeeded the original partners in leading the company.<ref name="desrep" />
In 1870, the Broadway store moved uptown to a new cast-iron building at Broadway and 20th Street, in the area known as the "Ladies' Mile".<ref name="gotham" /> This store was designed by James H. Giles and included one of the first steam-powered passenger elevators.<ref name="desrep" /> The new store expanded around 1890 by annexing a building to the east.<ref>Template:Cite news</ref> Lord & Taylor faced economic troubles after the Panic of 1873, though the original partners gave the company "a large loan" in 1879. By 1894, the company was fast-growing and would open stores on Fifth Avenue in 1903 and 1906.<ref name="desrep" /> 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.<ref>Template:Cite news</ref><ref>Template:Cite book</ref><ref>Template:Cite book</ref><ref>Template:Cite news</ref><ref>Template:Cite news</ref><ref>Morrone, Francis (December 27, 2007) "A Landmark Department Store" Template:Webarchive The New York Sun</ref><ref>Template:Cite news</ref><ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>
The Lord & Taylor Building, the Starrett & van Vleck-designed Fifth Avenue store and headquarters opened between 38th and 39th streets on February 24, 1914.<ref>Template:Cite news</ref><ref>Template:Cite news</ref> It touted many modern improvements, including an electric delivery vehicle garage; elevator and hidden conveyor systems for moving goods, people, showcases, and trash, and for loading and unloading trucks; and an on-site electrical generation and heating system. The Broadway store was quickly sold after the new store opened on March 26.<ref>Template:Cite news</ref> The new store became a New York City Landmark on October 30, 2007.<ref name="desrep">Percival, Marianne (October 30, 2007) Lord & Taylor Building Designation Report Template:Webarchive New York City Landmarks Preservation Commission. pp. 1–2.</ref>
Lord & Taylor announced in November 1915 that it would sell off its wholesale business.<ref>Template:Cite news</ref>
Under Associated Dry Goods, 1916–1986Edit
A founding unit of Associated Dry Goods, Lord & Taylor was considered to be its crown jewel.
In 1945, Dorothy Shaver became the first woman to head a major retail establishment in the United States as president of Lord & Taylor.<ref name="amhistory.si.edu">{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> 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 merchandising effort 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).<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> Many of Lord & Taylor's special services, including personal shoppers, were introduced while Shaver presided.<ref>Template:Cite magazine</ref> During this period she introduced the Andrew Geller handwritten logo and the American Beauty Rose as icons of the store. Shaver died in 1959.<ref name="amhistory.si.edu" /><ref>Template:Cite news</ref><ref>Template:Cite magazine</ref>
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."<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref><ref>Template:Cite news</ref> A management shakeup ousted him in 1976.<ref>Template:Cite news</ref>
Under the leadership of CEO Joseph E. Brooks during the 1970s, the company aggressively expanded into Texas, Illinois, and Michigan; throughout the 1980s, South Florida saw 11 stores opened in quick succession.
Under May Department Stores Company, 1986–2005Edit
When the May Company acquired ADG in 1986, it was assumed that May bought it just for the luxury division.<ref>Template:Cite news</ref><ref>Template:Cite news</ref>
The chain partially withdrew from the oil-shocked Texas and southern Florida markets in 1989–1990 after its 1986 acquisition by May.<ref>Template:Cite news</ref> Under May, the upscale Hahne & Co., Wanamaker's, and Woodward & Lothrop chains were refitted and converted into Lord & Taylor.<ref>Template:Cite news</ref><ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref><ref>Template:Cite news</ref>Template:Clear left
Jane T. Elfers became Lord & Taylor's second female president in June 2000.<ref>Template:Cite news</ref> Former Neiman Marcus executive, Brendan Hoffman replaced her in October 2008, when Elfer's contract had expired.<ref>Template:Cite news</ref> A third female president, Bonnie Brooks, took over in 2011, and a fourth female president, Liz Rodbell, took over in 2013.<ref>Template:Cite news</ref><ref>Template:Cite news
Under Federated Department Stores, 2005–2006Edit
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Federated Department Stores acquired May Department Stores in 2005.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> On January 12, 2006, Federated chairman, president, and CEO Terry Lundgren announced that Lord & Taylor would be sold by the end of the year.<ref>Template:Cite news</ref> Federated announced on March 10, 2006, that six Lord & Taylor locations would be sold or downscale into Macy's.<ref name="SLBJ">Template:Cite news</ref> The legendary Center City, Philadelphia store, the former flagship of the John Wanamaker chain, opened after a one-month renovation as Macy's City Center on August 1, 2006.
Under NRDC Equity Partners, 2006–2008Edit
On June 22, 2006, NRDC Equity Partners, LLC announced it would purchase Lord & Taylor for $1.2 billion after Federated converted and sold the previously announced locations; the sale was completed in October 2006.<ref>Template:Cite press release</ref> Federated continued to service Lord & Taylor consumer credit accounts in an agreement with NRDC under the terms of its sale until mid-2007.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>
Under Hudson's Bay Company, 2008–2019Edit
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 to expand internationally and positioned Lord & Taylor under HBC. The combined HBC, as of February 2018, consisted of Hudson's Bay and Home Outfitters in Canada, Galeria Kaufhof in Germany, and Lord & Taylor and Saks Fifth Avenue in the United States.<ref>Template:Cite news</ref><ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>
HBC committed to spending an additional $250 million upgrading stores. The Fifth Avenue flagship store received a $150 million ($Template:Format price in Template:Inflation/year) update in 2010.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> In 2011, an ultra-modern concept store opened in Westchester County at the new Ridge Hill Mall. During this time, locations such as Manhasset, Garden City, Bala Cynwyd, Eastchester, and Stamford all saw ultra-modern style renovations and upgrades. In 2012, a large outpost opened at The Mall at Rockingham Park. In 2013, a contemporary-style outpost opened at Mizner Park in Boca Raton, Florida. In 2014, a $20 million ($Template:Format price in Template:Inflation/year) contemporary outpost, modeled after the Boca Raton location, opened at Crossgates Mall near Albany, NY. Around this time, a store was announced to open alongside Saks Fifth Avenue in the luxury wing of the American Dream Mall. In March 2017, Lord & Taylor partnered with Brideside.com to launch an in-store bridal shop.In April 2017, Lord & Taylor completed a $12 million ($Template:Format price in Template:Inflation/year) renovation plan at the Fifth Avenue store.<ref>Template:Cite news</ref> In October 2017, after an attempt made to build a skyscraper above the Fifth Avenue store, it was announced the building would be sold in a joint partnership to WeWork for $850 million ($Template:Format price in Template:Inflation/year). WeWork was set to occupy the uppermost floors of the building, with the rest remaining a flagship space for Lord & Taylor. This was part of a trend on Wall Street to maximize profits and real estate value.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> In February 2019, the sale completed for $725 million ($Template:Format price in Template:Inflation/year) in cash and the remainder in equity, forming a joint venture with Lord & Taylor as minority owners. Industry observers connected the sale of the flagship store to intense activist investors and opportunity seen to monetize real estate at HBC.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref><ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref><ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref><ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref><ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref><ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref><ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref><ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>
On April 1, 2018, the Hudson's Bay Company gave notice of the theft of customers' credit and debit cards due to a hacking incident. A hacking group known as JokerStash or Fin7 attempted 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 most compromised records were from Lord & Taylor and Saks Fifth Avenue customers. The Hudson's Bay Company noted that customers would not be liable for any charges incurred due to this breach, and they will offer no-cost credit report monitoring and identity protection services.<ref>Template:Cite news</ref>
In May 2018, Walmart began carrying Lord & Taylor fashions on their website to modernize Walmart and position it more upscale. This was a bold move praised by many as being innovative.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref><ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref><ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>
Under Le Tote, 2019–2020Edit
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In August 2019, Le Tote, Inc. purchased the retailer for Template:CAD million ($75 million) in cash on closing and an additional Template:CAD million ($25 million) two years later. HBC was to get a 25% equity stake in Le Tote.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref><ref>Template:Cite news</ref><ref>Template:Cite news</ref> The buyer would retain the stores' inventory, with an estimated value of Template:CAD million. The deal, expected to close before year-end, required HBC to pay the stores' rent for at least three years, at an estimated Template:CAD million ($58 million) cash per year.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref><ref>Template:Cite news</ref><ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> The acquisition was completed in November 2019.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>
In November 2019, the sale to Le Tote was finalized and it was reported that all 38 Lord & Taylor brick-and-mortar locations would transfer ownership.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref><ref>Template:Cite news</ref>
Impact of the COVID-19 pandemicEdit
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Lord & Taylor's stores were forced to close due to executive state orders by the local and state governments on non-essential retail by Wednesday, March 18, 2020, due to the COVID-19 pandemic in the United States. While it took some time for the locations to reopen to the public, some of its closed U.S. stores were looted following the murder of George Floyd.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref><ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref><ref>Template:Cite news</ref> Lord & Taylor began the process of reopening on Friday, May 15, 2020, with two of its locations in Florida and New Hampshire allowed to reopen.<ref>Template:Cite news</ref> All stores resumed operations by July 3, 2020.<ref>Template:Cite news</ref>
On August 2, 2020, Lord & Taylor and Le Tote had filed for Chapter 11 bankruptcy protection due to the COVID-19 pandemic in the United States.<ref>Template:Cite news</ref><ref>Template:Cite news</ref> On August 3, it was reported that the company would simultaneously solicit bids for its Le Tote and Lord & Taylor businesses.<ref name="PRNewswire">Template:Cite press release</ref><ref>Template:Cite press release</ref><ref>Template:Cite news</ref> That very same date, Lord & Taylor announced that it would close 19 stores and then added another 5 locations to the list on August 20.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> Finally on August 27, Lord & Taylor announced that it would close all of its stores and go out of business after almost 200 years.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref><ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> It had 38 stores at the time of the announcement.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref><ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>
On October 15, 2020, Saadia Group, LLC announced it would acquire Lord & Taylor which would then transform the retailer into a digital first format.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref><ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> On Saturday, February 27, 2021, the remaining 19 stores closed.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>
Under the Saadia Group, 2020–2024Edit
In October 2020, the investment firm Saadia Group acquired Lord & Taylor; they transformed the retailer into a digital-first format. In fall 2022, an ad campaign called "Fall Fete" debuted alongside a new logo.<ref name=":3" /><ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> However, Saadia Group faced financial difficulties leading to a default on their obligations.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>
Under Regal Brands Global, 2024–presentEdit
In 2024, Regal Brands Global acquired the intellectual property of Lord & Taylor.<ref name=":4">{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> Business of Fashion reported in December that Regal plans to bring back the brand as an online discount luxury retailer, along with selling licensed Lord & Taylor branded products which will be distributed online and in department stores.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> There are plans for the return of physical stores, however these are longterm plans.<ref name=":4" />
In early 2025 a licensing agreement was signed with The Kersheh Group for a sleepwear line to be distributed in the United States, and other categories to be distributed in Canada.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>
SaksWorksEdit
In August 2021, it was announced that SaksWorks, a partnership with WeWork and a spinoff of the Saks Fifth Avenue brand, would provide co-working spaces for technology startups and services for other enterprises. It was predicted that SaksWorks would fill about 90% of the former Lord & Taylor brick-and-mortar locations since Hudson's Bay Company still owned the real estate of the properties.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>
LogosEdit
- Lord and Taylor.svg
Logo handwritten by Andrew Geller, used before 2015 and during the Le Tote ownership in 2020, re-used in 2024 under Regal Brands Global ownership
- Lord & Taylor 2015 logo.svg
A slightly altered Logo introduced by Hudson's Bay Company (former parent company), in use from 2015Template:Nbnd2019
- Lord & Taylor 2015 logo 2.svg
The 2015Template:Nbnd2019 era logo originally introduced by Hudson's Bay Company (former parent company); was reissued/reused by Saadia Group from 2021Template:Nbnd2022
- Lord & Taylor 2019 logo.svg
Logo introduced by Hudson's Bay Company (former parent company), in use from 2019Template:Nbnd2020
- Lord & Taylor 2022 logo.svg
Logo introduced by Saadia Group, used from 2022-2024
GalleryEdit
- Lord & Taylor, business in Westchester. LOC gsc.5a14783.jpg
Lord & Taylor in Westchester
- Lord & Taylor, business in Westchester. LOC gsc.5a14762.jpg
Lord & Taylor in Westchester
- Lord & Taylor, business in Westchester. LOC gsc.5a14765.jpg
Lord & Taylor in Westchester
- Lord & Taylor, business in Westchester. LOC gsc.5a14764.tif
Lord & Taylor in Westchester
- Lord & Taylor, business in Westchester. LOC gsc.5a14770.jpg
Lord & Taylor in Westchester
- Lord & Taylor, business in Westchester. LOC gsc.5a14775.jpg
Lord & Taylor in Westchester
- Lord & Taylor, business in Westchester. LOC gsc.5a14779.jpg
Lord & Taylor in Westchester
- (King1893NYC) pg854 LORD & TAYLOR, ORIGINAL STORE, CATHARINE STREET.jpg
Catharine Street store
- New York by sunlight and gaslight - a work descriptive of the great American metropolis; its high and low life; its splendors and miseries; its virtu (1882) (14593294599).jpg
20th Street and Broadway
- Lord and Taylor.jpg
Lord & Taylor Flagship at 424 Fifth Avenue
- 901 Broadway exterior view.jpg
Exterior view of the remaining section of the 1870 store at Broadway and 20th Street.
ReferencesEdit
External linksEdit
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