|Another casualty of rising rents and a shift to online sales. Lord & Taylor's flagship store in midtown Manhattan is closing this year.
Lord & Taylor is the oldest department store in the country. It has been located at 424 5th Avenue since February 1914. Prior to that it had several other NYC locations dating back to 1824, when it was founded as a dry goods store.
Nothing interesting will take its place as the building has been sold to an office-sharing company called WeWork.
L&T is also a subsidiary of the oldest commercial operation in the world, Hudson's Bay Company, which was founded as a fur trading company in London in 1670.
L&T will maintain (for now) several satellite brick and mortar stores in other cities but wants to focus of course on online sales.
With the demise of L&T, only Macy's now survives amongst the NYC department store giants that once ruled Manhattan. Gimbels went out of business in 1987 and Bloomingdales was bought by Macy's in 2007.
Last edited on Tue Jun 5th, 2018 06:55 pm by srossi
This thread was great before AA ruined it.