Lord & Taylor

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Lord & Taylor
Type	Private
Founded	1826
Headquarters	New York, New York
Industry	Retail
Products	Clothing, footwear, bedding, furniture, jewelry, beauty products, and housewares
Slogan	The Signature of American Style
Website	http://www.lordandtaylor.com/

Lord & Taylor, based in New York, New York, is the oldest department store chain in the United States. The only surviving nameplate of the former Associated Dry Goods Corp., as well as May Company, it is owned and operated by NRDC Equity Partners, LLC. NRDC bought the chain from Federated Department Stores in October 2006 as Federated sought to concentrate on the Macy's chain after their purchase of May Department Stores.^[1]

[edit] History

[edit] A store of firsts

The Lord & Taylor headquarters and flagship store on Fifth Avenue in New York, New York.

Samuel Lord and George Washington Taylor founded the company in 1826; it was the first major store on Fifth Avenue. Among other firsts, it was the first store to present innovative Christmas windows filled with holiday displays rather than merchandise, and the first to open a branch store (1941 in Manhasset). Lord & Taylor is also known for playing the national anthem before the start of each business day.

In 1916 Lord & Taylor became a founding member of the American Dry Goods Co., soon after renamed Associated Dry Goods Corp. It was a long-time fashion leader and considered the “crown jewel” of Associated; when the May Company acquired ADG in 1986, it was assumed that May bought ADG just for the upscale Lord & Taylor division.

[edit] Dorothy Shaver

In 1945, Lord & Taylor became the first major store on Fifth Avenue to name a female as president. That woman was Dorothy Shaver.

Shaver's association with Lord & Taylor began in 1921 when then-President Samuel Reyburn encouraged her to promote and market "Five Little Shavers," a family of dolls created by her sister, Elsie. Dorothy Shaver's challenges grew when she officially joined Lord & Taylor in 1924 as head of the Comparative Shopping Bureau. It didn't take her long to re-channel the department's focus from the competition to Lord & Taylor's own customers, putting them first by providing one on one help as they made their selections. With that, the concept of the Personal Shopper was born, flourishing today at Lord & Taylor as Red Rose Personal Shopping Service. During her first few months with the store, she submitted an entirely unsolicited report to the president, analyzing what was wrong with the company and how to correct it.

Shaver was given more responsibility, sales increased and, in 1927, her innovations earned her membership on Lord & Taylor's Board of Directors. In 1931, she was appointed Vice President, and became First Vice President in 1937. In 1941 Ms. Shaver, working with the well-known design guru Raymond Loewy, opened in Manhasset what is credited as the first true branch store in America. 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. She was elected president in 1945, the first woman to head a major retail establishment in the United States.

Many of the Lord & Taylor's special services were introduced while Shaver presided, and it was during this period that she introduced both the distinctive hand written logo (The Signature of American Style), and the American Beauty Rose as a symbol of the store. Her era ended officially upon her death in 1959, but Shaver's legacy and innovative retailing concepts continue at Lord & Taylor to this day.

In June 2000, Lord & Taylor appointed its second female President & CEO, Jane Elfers, who remains at the helm of the venerable retailer.

[edit] Expansion and retreat

While a part of Associated and under the leadership of CEO Joseph E. Brooks, during 1970s aggressively expanded into Texas, Illinois and Michigan and 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.

Under May, the majority of ADG's Hahne & Co. division (six New Jersey locations) and several former John Wanamaker's and Woodward & Lothrop locations were assumed by Lord & Taylor. From 1997 to 2006, Lord & Taylor occupied the former Wanamaker's flagship store in downtown Philadelphia, Pennsylvania.

During the 1990s and early 2000s, May attempted to take the chain national. Under the leadership of CEO Marshall Hillsberg, Lord & Taylor once again entered the expansion mode in the 1990s, opening stores as far west as Denver, with plans to enter the Las Vegas, Nevada market. At one time, Lord & Taylor had as many as 86 stores across the country.

After continuing tepid results and repeated tinkering with its merchandising, May gave up its national ambitions for the division. Newly appointed President and CEO Jane Elfers announced the shuttering of 32 stores in 2003 (representing 38% of locations, but only 18% of total sales). Many of the closed locations were only a few years old and most were in a market where most people were not willing to spend Lord & Taylor's prices. The company's strategy for the move was to concentrate on its "core" East Coast Corridor markets (New York City, Boston, Philadelphia, Washington, D.C., metro) as well its midwest locations in Chicago, Detroit, and St. Louis.

Amidst these changes, Lord & Taylor ceded its postwar position as a fashion leader in the 1980s and 1990s to Saks Fifth Avenue, Neiman Marcus, and Nordstrom.

[edit] Moving forward after the 2003 restructuring

Following its dramatic restructuring in 2003, Lord & Taylor's leadership sought a return to the store's roots. Renewed focus was placed on creating and maintaining an upscale shopping experience in the remaining 54 locations, with determination to leave behind perception of a middle-of-the-road merchandising strategy. Alterations such as conversion of remaining Lord & Taylor Cafés into Larry Forgione's Signature Cafés were evidence of the chain's intent to have a more clearly defined signature style.

Just three years later, the continuation of this effort came into doubt when the May Department Stores was acquired by Federated Department Stores on August 30, 2005. Lord & Taylor pursued the same market as Federated's Bloomingdale's chain, and on January 12, 2006, Federated chairman, president, and CEO Terry Lundgren announced that Lord & Taylor would be sold by the end of the year.

[edit] Current status

In early March 2006, prepping the company for sale, Federated announced that 5 underperforming Lord & Taylor stores would close (Christiana Mall, Delaware; North Shore Mall, Massachusetts; Fairlane Town Center, Michigan; Westfield West County and St. Louis Galleria, Missouri). The Center City, Philadelphia store, the former flagship of the John Wanamaker chain, was converted to Macy's on August 1, 2006, replacing the neighboring Strawbridge's flagship at The Gallery at Market East. On June 22, 2006, it announced that NDRC Equity Partners, LLC will purchase Lord & Taylor for $1.2 billion [2], a sale that was completed in October 2006.

[edit] Current locations

[edit] Connecticut

• Danbury - Danbury Fair Mall - 79,000 sq ft. (opened 1991)
• Stamford - Downtown Stamford (freestanding) - 155,000 sq ft. (opened 1969)
• Trumbull - Westfield Trumbull (formerly Trumbull Shopping Center) - 114,000 sq ft. (opened 1992)
• Farmington - Westfarms - 117,000 sq ft. - (opened 1983, relocated from West Hartford, Connecticut, opened 1953)

[edit] District of Columbia

• Washington, D.C. - Friendship Heights-Western Avenue (freestanding) - 146,000 sq ft. (opened 1959)

[edit] Illinois

• Chicago - Water Tower Place - 141,000 sq ft. (opened 1975 - scheduled closing, Spring 2007)
• Chicago MSA/Northbrook - Northbrook Court - 124,000 sq ft. (opened 1976)
• Chicago MSA/Oak Brook - Oakbrook Center - 102,000 sq ft. (opened 1973)
• Chicago MSA/Schaumburg - Woodfield Center - 124,000 sq ft. (opened 1973, replaced in mall expansion 1995)
• Chicago MSA/Skokie - Westfield Old Orchard (formerly Old Orchard Shopping Center) - 115,000 sq ft. (opened 1979, replaced with larger store 1993)

[edit] Maryland

• Baltimore MSA/Annapolis - Westfield Annapolis (formerly Annapolis Mall) - 110,000 sq ft. (opened 1998)
• Baltimore MSA/Columbia - The Mall in Columbia - 120,000 sq ft. (opened 1998)
• Washington, D.C. MSA/Gaithersburg - Lakeforest Mall - 129,000 sq ft. (opened 1996, former Woodward & Lothrop location)
• Washington, D.C. MSA/Kensington - White Flint - 118,000 sq ft. (opened 1977)

[edit] Massachusetts

• Boston - The Shops at Prudential Center - 125,000 sq ft. (opened 1968)
• Boston MSA/Braintree - South Shore Plaza - 125,000 sq ft. (opened 1978)
• Boston MSA/Burlington - Burlington Mall - 118,000 sq ft. '(opened 1978)
• Boston MSA/Natick - Natick Mall - 115,000 sq ft. (opened 1994)

[edit] Michigan

• Detroit MSA/Novi - Twelve Oaks Mall - 122,000 sq ft. (opened 1978)
• Detroit MSA/Sterling Heights - Lakeside Mall - 163,000 (opened 1978)

[edit] New Jersey

This is a large Lord & Taylor department store at Bridgewater Commons in Bridgewater, New Jersey.

• New Jersey / Bridgewater Township - Bridgewater Commons - 140,000 sq ft. (opened 1988, formerly Hahne's)
• New Jersey / Eatontown - Monmouth Mall - 125,000 sq ft. (opened 1975, formerly Hahne's)
• New Jersey / Freehold Borough - Freehold Raceway Mall - 123,000 sq ft. (opened 1990)
• New Jersey / Livingston - Livingston Mall - 131,000 sq ft. (opened 1972, formerly Hahne's)
• New Jersey / Paramus - Westfield Garden State Plaza - 130,000 sq ft. (opened 1996 as part of mall expansion)
• New Jersey / Paramus - The Fashion Center (Ridgewood) - 155,000 sq ft. (opened 1967)
• New Jersey / Rockaway - Rockaway Town Square - 139,000 sq ft. (opened 1980, formerly Hahne's)
• New Jersey / Wayne - Willowbrook - 98,300 sq ft. (opened 1997) (Originally Ohrbach's then Steinbach)
• New Jersey / Westfield - Westfield (freestanding) - 142,000 sq ft. (opened 1963, formerly Hahne's)
• New Jersey / Woodbridge Township - Woodbridge Center - 123,000 sq ft. (opened 1996)(Originally Ohrbach's then Steinbach)
• New Jersey / Lawrenceville - Quaker Bridge Mall - 136,000 sq ft. (opened 1976, formerly Hahne's)
• New Jersey / Moorestown Township - Moorestown Mall - 121,000 sq ft. (opened 2000)

[edit] New York

• Buffalo MSA/Cheektowaga - Walden Galleria - 100,000 sq ft. (opened 1991)
• New York MSA/Manhattan - Fifth Avenue (flagship) - 611,000 sq ft. (opened 1914)
• New York MSA/Bayshore, Long Island - Westfield South Shore (formerly South Shore Mall) - 125,000 sq ft. (opened 1998)
• New York MSA/Garden City, Long Island - Garden City (freestanding - 154,000 sq ft. (opened 1956)
• New York MSA/Huntington Station, Long Island - Walt Whitman Mall - 120,000 sq ft. (opened 1998)
• New York MSA/Manhasset, Long Island - Miracle Mile (freestanding) - 126,000 sq ft. (opened 1941, first branch location)
• New York MSA/Scarsdale, Weschester County - Vernon Hills Shopping Center - 199,000 sq ft. (opened 1948)
• New York MSA/West Nyack, Rockland County - Palisades Center - 121,000 sq ft. (opened 1998)
• Rochester MSA/Victor - Eastview Mall - 90,000 sq ft. (opened 1995)
• Syracuse - Carousel Center - 104,000 sq ft. (opened 1994)

[edit] Pennsylvania

• Philadelphia MSA/Bala Cynwyd - Bala Cynwyd Shopping Center - 121,000 sq ft. (opened 1955)
• Philadelphia MSA/King of Prussia - The Plaza at King of Prussia - 119,000 sq ft. (opened 1995)

[edit] Virginia

• Washington, D.C. MSA/Alexandria - Landmark Mall - 122,000 sq ft. (opened 2001)
• Washington, D.C. MSA/Dulles - Dulles Town Center - 120,000 sq ft. (opened 1998)
• Washington, D.C. MSA/Fairfax - Fair Oaks Mall - 127,000 sq ft. (opened 1981, replaced 1996 with former Woodward & Lothrop location)
• Washington, D.C. MSA/McLean - Tysons Corner Center - 120,000 (opened 1990)

[edit] Former locations

[edit] Previously closed stores (as part of Federated 2006 preparation for divesture)

• Pennsylvania - Philadelphia - Center City Philadelphia - 354,000 sq ft. (opened 1997, formerly downtown flagship of John Wanamaker, closed 5/2006 and converted to Macy's)
• Delaware - Newark - Christiana Mall - 129,000 sq ft. (opened 1997, former John Wanamaker location, closed 6/2006)
• Michigan- Dearborn - Fairlane Town Center - 122,000 sq ft. (opened 1978, closed 6/2006)
• Massachusetts- Peabody - North Shore Mall - 114,000 sq ft. (opened 1993, closed 6/2006)
• Missouri - Richmond Heights - Saint Louis Galleria - 115,000 sq ft. (opened 1991, closed 6/2006)
• Missouri - Des Peres - Westfield West County - 140,000 sq ft. (opened 2002, closed 6/2006, being converted to mall space in the winter of 2007)

[edit] Previously closed stores (as part of 2003 May restructuring)

• Colorado - Broomfield - FlatIron Crossing - 120,000 sq ft. (opened 2000, closed 2005)
• Colorado - Denver - Cherry Creek Shopping Center - 121,000 sq ft. (opened 1990, replaced with larger store 1997, closed 2005, location being reopened by Nordstrom 2007)
• Colorado - Lone Tree - Park Meadows - 200,000 sq ft. (opened 1997, closed 2004)
• Connecticut - Manchester - The Shoppes at Buckland Hills - 106,000 sq ft. (opened 1994, reopened as second Filene's location 2004)
• Connecticut - Meriden - Westfield Meriden - 92,000 (opened 1999, closed 2004, location subdivided into mall space)
• Florida - Aventura - Aventura Mall - 127,000 sq ft. (opened 1983, closed 2004, location being reopened by Nordstrom in February 2008)
• Florida - Boca Raton - Town Center at Boca Raton - 118,000 sq ft. (opened 1986, closed 2004, location reopened as Neiman Marcus 2005)
• Florida - Miami - Dadeland Mall - 140,000 sq ft. (opened 1986, demolished and rebuilt 2003 and never reopened, location reopened as Nordstrom 2004)

The exterior of a “new generation” former Lord & Taylor department store at The Florida Mall in Orlando, Florida. Lord & Taylor opened nine of these stores since 2001, with the store at the The Shops at Willow Bend being the prototype; all locations have subsequently been closed. These were the largest store format rolled out averaging 140,000 sq. ft.

• Florida - Orlando - The Florida Mall - 141,000 sq ft. (opened 2002, closed September 16, 2006) The last store to close.
• Florida - Plantation - The Fashion Mall at Plantation - 102,000 sq ft. (opened 1989, closed 2003)
• Florida - Tampa - International Plaza - 140,000 sq ft. (opened 2001, closed 2004, location reopened as Robb & Stucky home design store 2004)
• Florida - Wellington - The Mall at Wellington Green - 140,000 sq ft. (opened 2001, closed 2004, reopened as City Furniture 2005)
• Georgia - Alpharetta - North Point Mall - 115,000 sq ft. (opened 1993, closed 2005)
• Georgia - Atlanta - Phipps Plaza - 135,000 sq ft. (opened 1969, closed 2004, location reopened as Nordstrom 2004)
• Georgia - Buford - Mall of Georgia - 120,000 sq ft. (opened 1999, closed 2006, location reopened as Belk 2006)
• Kentucky - Louisville - Mall St. Matthews - 120,000 sq ft (opened 1998, closed 2004)
• Louisiana - New Orleans - New Orleans Centre - 116,000 sq ft. (opened 1987, closed 2004)
• Maryland - Baltimore - White Marsh Mall - 120,000 sq ft. (opened 1998, closed 2004, location reopened as second Hecht's location 2004)
• Massachusetts - Holyoke - Holyoke Mall at Ingleside - 109,000 sq ft. (opened 1994, closed 2005)
• Massachusetts - North Attleborough - Emerald Square - 120,000 sq ft. (opened 1999, location reopened as second Filene's location 2004)
• New York - Albany - Crossgates Mall - 101,000 (opened 1994, closed 2005)
• North Carolina - Raleigh - Crabtree Valley Mall - 100,000 sq ft. (opened 1995, closed February 28, 2006)
• Ohio - Columbus - Polaris Fashion Place - 140,000 sq ft. (opened 2001, closed 2005, location reopened as Von Maur 2005)
• Pennsylvania - Harrisburg - Harrisburg Mall - 122,000 sq ft. (opened 1997, closed 2004, replaced by Bass Pro Shops 2004)
• Pennsylvania - Pittsburgh - Mellon Square (freestanding) - 140,000 sq ft. (opened 2000, closed 2004)
• Rhode Island - Providence - Providence Place - 120,000 sq ft. (opened 1999, closed 2005, reopened as J.C. Penney 2006)
• Texas - Dallas - NorthPark Center - 135,000 sq ft. (opened 1974, closed 2004, location being redeveloped as Barneys New York and Robb & Stucky Interiors to both open 2006)
• Texas - Houston - Memorial City Mall (2nd location) - 140,000 sq ft. (opened 2002, closed 2005, reopened as J.C. Penney 2006)
• Texas - Houston - The Galleria - 135,000 sq ft. (opened 1974, closed 2005, location redeveloped as mall space, restaurants, Borders 2006)
• Texas - Houston - Willowbrook Mall - 122,212 sq ft. (opened 1998, closed 2004)
• Texas - Plano - The Shops at Willow Bend - 140,000 sq ft. (opened 2001, closed 2004)
• Virginia - Virginia Beach - Lynnhaven Mall - 120,000 sq ft. (opened 1999, closed 2005)

[edit] Previously closed stores (closed prior to 2003)

• Connecticut - West Hartford (freestanding) (opened 1953, replaced 1983 by Westfarms)
• Florida - Boynton Beach - Boynton Beach Mall (opened 1985, location closed 1991, reopened as Mervyn's, currently Dillard's: Men and Children's Store)
• Florida - Coral Springs - Coral Square Mal (opened 1984, closed 1991, reopened as Mervyns, now Dillard's)
• Florida - Miami - Cutler Ridge Mall (opened 1982, location closed 1991, reopened as Mervyn's, then Dillard's, demolished 2004 in renovation)
• Florida - Miami - Miami International Mall (opened 1985, location closed 1991, reopened as Mervyn's, currently Dillard's)
• Florida - West Palm Beach - Palm Beach Mall (opened 1980, location closed 2001, subdivided as mall space)
• Florida - Fort Lauderdale - The Galleria at Fort Lauderdale (opened 1983, location closed 2002)
• Florida - Jensen Beach - Treasure Coast Square (opened 1987, location closed 1991, reopened as Mervyn's, currently Dillard's)
• Illinois - Aurora - Fox Valley Center - (opened 1977, location closed 1996, reopened as Carson Pirie Scott)
• Illinois - Vernon Hills - Hawthorn Center - (opened 1975, location closed 1990, reopened as Carson Pirie Scott)
• Maryland - Owings Mills - Owings Mills Mall (opened 1998, location closed 2000, 2nd floor now Sticks N Stuff store)
• Michigan - Ann Arbor - Briarwood Mall (opened 1980, closed 1992, reopened as Jacobson's, now Von Maur)
• Pennsylvania - Jenkintown - (freestanding) (opened 1964, location closed 1989)
• Tennessee - Memphis - Oak Court Mall (opened 1988, closed 1992, reopened as secondary Dillard's location)
• Texas - Dallas - Prestonwood Town Center (opened 1979, location closed 2001, mall demolished)
• Texas - Houston - Greenspoint Mall (opened 1979, location closed 1989, reopened as Mervyn's, now vacant)
• Texas - Houston - Memorial City Mall (1st time) (opened 1977, location closed 1989, reopened as Mervyn's, now vacant)
• Texas - Houston - West Oaks Mall (opened 1984, location closed 1990, reopened as JCPenney, now closed)
• Texas - Plano - Collin Creek Mall (opened 1981, location closed 1990, reopened as Mervyn's, now vacant)
• Texas - San Antonio - Rivercenter (opened 1988, converted to Foley's in 1989, now Macy's)
• Virginia - Falls Church - (freestanding) (opened 1965, location closed 1992, redundant due to neighboring Fairfax and McLean stores; reopened as Caldor, now Sears)

[edit] Stores announced but never built/completed

• Michigan - Grand Rapids - Woodland Mall (cancelled 2002, planned location became theater and other stores)
• Michigan - Troy - Oakland Mall (cancelled 2004 due to Marshall Field's acquisition, planned location never became stores)
• New York - Syosset, Long Island - The Mall at Oyster Bay (planned location assumed by Nordstrom, to open 2007)
• New York - Kingston - Hudson Valley Mall (planned location became Target)
• Nevada - Las Vegas - Fashion Show (cancelled 2003, planned location developed as mall space)
• North Carolina - Charlotte - SouthPark (cancelled 1986, planned location developed as mall space)
• Oklahoma - Oklahoma City - Penn Square Mall (intended store opened as Foley's in 1988)
• Texas - Hurst - North East Mall (cancelled 2003, planned location developed as movie theater)
• Virginia - Richmond - Short Pump Town Center (cancelled 2003, planned location developed as mall space)

[edit] Closed Lord & Taylor clearance centers

• Florida - Fort Lauderdale (Tamarac) - 6820 N. University Dr.
• Illinois - Arlington Heights - Town & Country Mall (closed early 2000s, mall torn down)
• Illinois - Gurnee - Gurnee Mills
• New Jersey - North Plainfield (closed 2003)
• Pennsylvania - Jenkintown - opened in former Jenkintown full line location - (closed 1990)

[edit] References

• "A History of Lord & Taylor," 175th Anniversary publication

1. ↑  Forbes, Laurie, "Federated To Sell 55-Store Lord & Taylor Chain". The CoStar Group, 17 Jan 2006.
2. ↑  "Federated Agrees to Sell Lord & Taylor to NRDC Equity Partners". Federated Department Stores, Inc., 22 June 2006.

[edit] External links

• Lord & Taylor Official Website