Headlines

Fifth Avenue Lord & Taylor to Close

Brand will trim store count, increase digital growth

Published

8 years ago

June 5, 2018

kmpeyton

Hudson’s Bay Co. (Toronto) has confirmed that it will close its legendary Fifth Avenue, New York, Lord & Taylor flagship store. The move comes as Hudson’s Bay Co. reported a net loss of $308 million in the first quarter, ending May 5.

The company is managing the losses by trimming its weakest assets, reports Women’s Wear Daily, including closing 10 Lord & Taylor stores through 2019 and focusing more on the retailer’s digital assets, including its new partnership with Walmart (Bentonville, Ark.), which officially launched last week.

Hudson’s Bay CEO Helena Foulkes said of closing the Lord & Taylor flagship: “We will take advantage of having a smaller footprint to rethink the model and focus on our digital opportunities. The Lord & Taylor flagship on Walmart.com … is a great example of this and represents how we are thinking about the entire business.”

A projected closure date for the Fifth Avenue store has not yet been announced.

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