Skip to comments.Department store apocalypse is taking its toll on NYC
Posted on 07/16/2018 8:22:22 PM PDT by 2ndDivisionVet
Im going to miss Lord & Taylor like mad when the Fifth Avenue flagship closes next year. It isnt only because of the unlikely bargains I scored on its often-deserted mens floors a red vinyl Perry Ellis-label jacket, marked down from $79.95 to $39.95 that strangers hilariously mistake for Armani, and a wool winter coat as good as any for $49.99.
I wont miss the once-charming but more recently cheap-looking holiday windows that werent worth waiting on line for. But Lord & Taylor, like every big department store, offered a welcoming civility that softened the citys rough edges. New York will be slightly less human without it, however obsolete its business model. Never again will the public enjoy the stores grand main floor with its noble vaulted ceiling, arched mirrors and stately columns.
The shutdown is one of up to 10 Lord & Taylor closures of a total 50 stores planned by chain owner Hudsons Bay Company. It comes amid a nationwide department store apocalypse. Hudsons Bay, which owns 488 stores including Saks Fifth Avenue, is battling high debt, declining sales and falling stock prices.
Another industry giant, Macys Inc., which also owns Bloomingdales, has closed 14 percent of its stores since 2014, while its same-store sales in 2017 fell 4.3 percent compared with 2016. J.C. Penney closed 138 locations, or 14 percent of its stores, last year.
Jeffrey Roseman, vice chairman of Newmark Knight Franks retail brokerage division, told The Post, The need for an eight-story, multi-hundred-thousand-square-foot department store in major cities is limited at best.(continued)
(Excerpt) Read more at nypost.com ...
Never heard of them we shop at Walmart, pull your pants up leftists.
So many grand old stores going, going, gone. The times they are changing, and really not for the best, but then I’m way older than so many who don’t really care.
Trump curse in action?
[So many grand old stores going, going, gone. The times they are changing]
The PC 2nd and 3rd generation heirs are largely responsible for the demise of the grand old stores.
Online shopping claims more victims. It’s far cheaper and easier to sit at home and open the mail than it is to drive to some distant location, walk for hours, and battle crowds. Their business model simply doesn’t have the market share it once had. If they didn’t see it coming, and adjust accordingly, then they deserve to lose even more market share. We express our preferences with our dollars. Period.
Thing i hate about online shopping...you dont see or feel the product. As a simple example...i ordered some cargo pants....but the product with exact same name had changed...the fabric was much thinner in heft...there were less stitches
You dont know the fit and finish...and when you order the product you dont know if that particular manufacturing run was a good one. If product is not good....it is a hassle to return...
Amazon is moving to a business model where you can try things on in a ‘showroom’ or where a wardrobe consultant will make a housecall to push certain product lines and styles at you.
I sew my own clothes except for Walmart jeans.
All I know about Lord and Taylor is the Boston bombers’ mama liked shoplifting there.
I used to go to Lord & Taylor’s elegant stores in NYC, I had to look it up, but it was founded in Manhattan in 1826 - 192 years ago.
There used to be a time that “department stores” were very nice, and were decorated beautifully.
As to Walmart, I’m in Los Angeles my whole life [70 years] - and I’ve never shopped at a Walmart ... and never even seen one. I heard of one here but it was in a very bad part of town, I never had a desire to visit.
Sq footage rental rates in nyc are outrageous.
Well look, there are purchases that are easily made online, and for more important ones, that you care about, you get them at a store.
Wait, he bought a red vinyl jacket? Should we stop reading there?
My hometown city of Pittsburgh used to have several grand old department stores with eight floors in the heart of the Golden Triangle. That was in days when there were no suburban malls and the whole family would drive downtown, park cheap and make a day if it, go to a movie at a downturn theater, eat at the department store restaurant (it was upstairs with a veranda view of the floors below). Or you could eat cheap at Woolworths lunch counter if you wanted to shop the five and ten goods like children’s toys and records. In the early sixties, my family even bought a stereo console downtown, one of those gorgeous floor models everybody had as a centerpiece of their livingroom. You felt safe walking through downtown and people were courteous and friendly.
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