One of New York City's most famous department stores will close after selling to WeWork. Here's what it looked like during a recent visit.
- Lord & Taylor’s flagship store in Manhattan was sold to WeWork for $850 million in October.
- The retailer said it would rent around 25% of the space and operate as a scaled-down version of its former self.
- But on Tuesday, Lord & Taylor announced that it would be closing this location completely.
- We visited the store in October. Here’s what we found.
Lord & Taylor is saying a final goodbye to its flagship Manhattan store.
Seven months previously, its parent company, Canadian retailer Hudson’s Bay, announced that the company would be scaling back operations and selling its landmark Lord & Taylor store on Fifth Avenue to co-working startup WeWork for $850 million. The plan was for Lord & Taylor to rent about 25% of the space to run a smaller version of the store.
These plans have now been abandoned.
On Tuesday, it confirmed that the well-known department store would be vacating the building for good after more than 100 years in the location. The building will serve as WeWork’s headquarters.
WeWork recently raised $4.4 billion in funding from SoftBank Group and SoftBank Vision Fund and is now considered the most valuable startup in New York City.
The sale is symbolic for the struggling department store and for retail as a whole, as shoppers continue to move away from brick-and-mortar stores toward online options.
2017 saw a record-high rate of store closings, which has continued in 2018. More than 3,800 closures are expected this year, according to an analysis by Business Insider. This includes department stores such as Macy’s, Sears, and JCPenney.
We visited Lord & Taylor’s flagship Fifth Avenue store on a Wednesday in October after it announced that the building would be sold to WeWork. While the store was offering plenty of discounts, it attracted a small fraction of the significant foot traffic outside.
Here’s how Lord & Taylor will end its run at its iconic Fifth Avenue location:
We went to the store, which is located at 424 5th Avenue, on a Wednesday afternoon. There was significant foot traffic nearby.
Some of the displays promoted retro styles that seemed to be targeted toward middle-aged shoppers.
Inside, the store wasn’t attracting as many customers as you’d expect from the bustle outside.
Read the full article from it’s original source: http://uk.businessinsider.com/lord-and-taylor-flagship-store-after-sale-photos-2017-10