BUSINESS NEWS: LORD & TAYLOR TO OPEN OFF-PRICE STORES
Next on board the off-price store bandwagon is Lord & Taylor. The department retailer announced earlier this week their plans to launch its first off-price store Find @ Lord & Taylor opening November 19 at 180 Route 4 East in Paramus, NJ. Fittingly, the freestanding building was the site of a former Loehmann’s store.
Following suit of other retailers such as Nordstrom and Saks 5th Avenue, Lord & Taylor will now run up to ten off-price stores in 2016 offering merchandise priced at up to 70% off.
CEO of parent company Hudson’s Bay Co., Jerry Storch, commented: “As you know, our mission is to modernize and contemporize the Lord & Taylor brand. We believe Find @ Lord & Taylor will lift it up. It won’t take away from it. It will help make it even more relevant.”
Jonathan Greller, president of outlets for Hudson’s Bay Co., supported Storch’s sentiment by commenting further: “We believe we have the right mix of compelling price points, new locations and easy-to-shop store formats to target a new demographic of shoppers. Our goal is to offer our consumers an exciting merchandise mix at impressive prices.”
While some similar retailers have failed in years past—Daffy’s, Loehmann’s and Syms—aggressive growth by others such as TJ Maxx, Saks Off 5th, and Nordstrom Rack, offers Find @ Lord & Taylor the opportunity to stay aggressive and supersede its competitors.
The brand positioning at Find is different and as such, the shopping experience will vary from say that of Saks off 5th. Greller mentions that Find @ Lord & Taylor will place itself between TJ Maxx and Nordstrom Rack.