Department store apocalypse is taking its toll on NYC

The New York Post ^ | July 14, 2018 | Steve Cuozzo

[2ndDivisionVet]

I’m going to miss Lord & Taylor like mad when the Fifth Avenue flagship closes next year. It isn’t only because of the unlikely bargains I scored on its often-deserted men’s 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 won’t miss the once-charming but more recently cheap-looking holiday windows that weren’t worth waiting on line for. But Lord & Taylor, like every big department store, offered a welcoming civility that softened the city’s rough edges. New York will be slightly less human without it, however obsolete its business model. Never again will the public enjoy the store’s 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 Hudson’s Bay Company. It comes amid a nationwide department store apocalypse. Hudson’s Bay, which owns 488 stores including Saks Fifth Avenue, is battling high debt, declining sales and falling stock prices.

Another industry giant, Macy’s Inc., which also owns Bloomingdale’s, 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 Frank’s 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)

[cowboyusa]

It's still there.

[foreverfree]

Organ and all I believe, only now it's a Macy's?

I recommend this book to read about Wanamaker's and its Philly rivals...

https://www.amazon.com/Wanamakers-Meet-Me-Eagle-Landmarks-ebook/dp/B00XQK6JZG

ff

[foreverfree]

Organ and all I believe, only now it's a Macy's?

Change that question mark to a period.

ff