Lord And Taylor Article Index for
Lord 		Website Links For
Lord 		 

Information About

Lord And Taylor
APPAREL
BABY
BEAUTY
BOOKS
CAR TOYS
CELL PHONES
DVD'S
ELECTRONICS
GOURMET FOOD
GROCERIES
HEALTH & PERSONAL
HOME & GARDEN
JEWELRY
MUSIC
MUSIC INSTRUMENTS
OFFICE PRODUCTS
SOFTWARE
SPORTING GOODS
TOOLS & HARDWARE
TOYS
VIDEO GAMES
SHOPPING HOME
MORE SHOPPING...



  Company Logo
  Company Type Private
  Company Slogan The Signature of American Style
  Foundation 1826
  Location New York , New York
  Industry Retail
  Products Clothing, footwear, bedding, furniture, jewelry, beauty products, and housewares
  Homepage http://wwwlordandtaylorcom/


Lord & Taylor, based in New York , New York , is the oldest Department Store chain in the United States . Concentrated in the eastern United States, the retailer operated independently for nearly a century prior to joining American Dry Goods (later renamed Associated Dry Goods Corp. ). Today, the chain is the sole surviving department store nameplate from Associated, as well as from May Department Stores . Lord & Taylor is owned and operated by NRDC Equity Partners, LLC. NRDC bought the chain from Federated Department Stores in October 2006 as Federated sought to concentrate on the Macy's chain after their purchase of May Department Stores (with all other former May department store nameplates having been converted to Macy's), and because the Lord & Taylor brand conflicted with Federated's existing Bloomingdale's brand. Federated To Sell 55-Store Lord & Taylor Chain , The CoStar Group, 17 Jan 2006.


HISTORY


A store of firsts

in New York City .]]
Samuel Lord and George Washington Taylor founded the company in 1826; it was the first major store on Fifth Avenue . Among other firsts, it was the first store to present innovative Christmas windows filled with holiday displays rather than merchandise, and the first to open a branch store (1941 in Manhasset ). Lord & Taylor is also known for playing the National Anthem before the start of each business day.

In 1916 Lord & Taylor became a founding member of the American Dry Goods Co., soon after renamed Associated Dry Goods Corp. It was a long-time fashion leader and considered the “crown jewel” of Associated; when the May Company acquired ADG in 1986, it was assumed that May bought ADG just for the upscale Lord & Taylor division.


Dorothy Shaver

In 1945, Lord & Taylor became the first major store on Fifth Avenue to name a female as president. That woman was Dorothy Shaver.

Shaver's association with Lord & Taylor began in 1921 when then-President Samuel Reyburn encouraged her to promote and market "Five Little Shavers," a family of Doll s created by her sister, Elsie. Dorothy Shaver's challenges grew when she officially joined Lord & Taylor in 1924 as head of the Comparative Shopping Bureau. It didn't take her long to re-channel the department's focus from the competition to Lord & Taylor's own customers, putting them first by providing one on one help as they made their selections. With that, the concept of the Personal Shopper was born, flourishing today at Lord & Taylor as Red Rose Personal Shopping Service. During her first few months with the store, she submitted an entirely unsolicited report to the president, analyzing what was wrong with the company and how to correct it.

Shaver was given more responsibility, sales increased and, in 1927, her innovations earned her membership on Lord & Taylor's Board of Directors. In 1931, she was appointed Vice President, and became First Vice President in 1937. In 1941 Ms. Shaver, working with the well-known design guru Raymond Loewy, opened in Manhasset what is credited as the first true branch store in America. Unlike earlier forays into the suburbs that consisted of smaller boutique-style shops, this was a merchandising effort that became the model for modern suburban shopping. The store consisted of 66 individual shops. She was elected president in 1945, the first woman to head a major retail establishment in the United States.

Many of the Lord & Taylor's special services were introduced while Shaver presided, and it was during this period that she introduced both the distinctive hand written logo (The Signature of American Style), and the American Beauty Rose as a symbol of the store. Her era ended officially upon her death in 1959, but Shaver's legacy and innovative retailing concepts continue at Lord & Taylor to this day.

In June 2000, Lord & Taylor appointed its second female President & CEO, Jane Elfers, who remains at the helm of the venerable retailer.


Expansion and retreat

While a part of Associated, William J. Lippincott was promoted to president in 1968, succeeding Melvin E. Dawley (who succeeded Dorothy Shaver), and was elected chairman and chief executive in 1972. His '' The New York Times '' obituary read: "In his years as president and chairman, Lord & Taylor moved beyond its traditional territory in the Northeast to open stores in Atlanta, Houston and Dallas and four stores in Illinois."Obituaries, ''The New York Times'', p. B17, May 7, 1992. A management shakeup ousted him in 1976.

Under the leadership of CEO Joseph E. Brooks during the 1970s, the company aggressively expanded into Texas , Illinois and Michigan and in the early 1980s South Florida saw 11 stores opened in quick succession. The chain partially withdrew from the oil-shocked Texas and southern Florida markets in 1989-1990 after its 1986 acquisition by May.

Under May, the majority of ADG's Hahne & Co. division (six New Jersey locations) and several former John Wanamaker's and Woodward & Lothrop locations were assumed by Lord & Taylor. From 1997 to 2006, Lord & Taylor occupied the former Wanamaker's flagship store in downtown Philadelphia, Pennsylvania .

During the 1990s and early 2000s, May attempted to take the chain national. Under the leadership of CEO Marshall Hillsberg, Lord & Taylor once again entered the expansion mode in the 1990s, opening stores as far west as Denver, with plans to enter the Las Vegas, Nevada market. At one time, Lord & Taylor had as many as 86 stores across the country.

After continuing tepid results and repeated tinkering with its merchandising, May gave up its national ambitions for the division. Newly appointed President and CEO Jane Elfers announced the shuttering of 32 stores in 2003 (representing 38% of the division's store base and 35% of its total square footage, but only 19% of total sales). Many of the closed locations were only a few years old and most were in a market where most people were not willing to spend Lord & Taylor's prices. The company's strategy for the move was to concentrate on its "core" East Coast Corridor markets (New York City, Boston, Philadelphia, Washington, D.C., metro) as well its midwest locations in Chicago, Detroit, and St. Louis. Who'll Take Lord & Taylor's Vacant Stores? ; ''Retail Traffic'' , 2003 ; retrieved on December 19 , 2006

Amidst these changes, Lord & Taylor ceded its postwar position as a fashion leader in the 1980s and 1990s to Saks Fifth Avenue , Bloomingdales , Neiman Marcus , and Nordstrom .


Moving forward after the 2003 restructuring

Following its dramatic restructuring in 2003, Lord & Taylor's leadership sought a return to the store's roots. Renewed focus was placed on creating and maintaining an upscale shopping experience in the remaining 54 locations, with determination to leave behind perception of a middle-of-the-road merchandising strategy. Alterations such as conversion of remaining Lord & Taylor Cafés into Larry Forgione's Signature Cafés were evidence of the chain's intent to have a more clearly defined signature style.

Just three years later, the continuation of this effort came into doubt when the May Department Stores was acquired by Federated Department Stores on August 30 , 2005 . Lord & Taylor pursued the same market as Federated's Bloomingdale's chain, and on January 12 , 2006 , Federated chairman, president, and CEO Terry Lundgren announced that Lord & Taylor would be sold by the end of the year.


Current status/Future


In early March 2006, prepping the company for sale, Federated announced that 5 underperforming Lord & Taylor stores would close ( store, the former flagship of the John Wanamaker chain, was converted to Macy's on August 1, 2006. On June 22 , 2006 , it announced that NDRC Equity Partners, LLC would purchase Lord & Taylor for $1.2 billion, Federated Agrees to Sell Lord & Taylor to NRDC Equity Partners; Transaction Expected to Close in Third Quarter of 2006 , Federated Department Stores, Inc., June 22, 2006. a sale that was completed in October 2006. In September 2007, the department store will unveil a new look to the public. The new image is the work of advertising guru David Lipman who is creating a branding campaign, new advertising, shopping bags and boxes, and a new credit card. The change in merchandise will also be highlighted. It will be expected that L&T will be on par with Nordstrom and Bloomingdales, in an attempt to return to its fashionable roots.


CURRENT LOCATIONS


Connecticut


The stores that are located in , 2006



District of Columbia

The stores that are in the , 2006 .



Illinois


The stores that are located in , 2006 .



Maryland


The stores that are located in , 2006 .



Massachusetts


The stores that are located in , 2006 .



Michigan


The stores that are located in , 2006 .



New Jersey


The stores that are located in , 2006 .

.]]


New York


The stores that are located in , 2006 .



Pennsylvania


The stores that are located in , 2006 .



Virginia


The stores that are located in , 2006 .



FORMER LOCATIONS


Closed after 2006 purchase by NRDC Equity Partners, LLC



Previously closed stores (as part of Federated 2006 preparation for divesture)



Previously closed stores (as part of 2003 May restructuring)




Previously closed stores (closed prior to 2003)



Stores announced but never built/completed



Closed Lord & Taylor clearance centers



REFERENCES



NOTES






EXTERNAL LINKS