Lord & Taylor plans to launch an off-price outlet, joining a crowded playing field as department stores seek to capture the millennial dollars now being spent at TJX Companies.
The retailer will bow its first Find @ Lord & Taylor store on Nov. 19 in Paramus, New Jersey, and six more stores are planned for 2016, The Wall Street Journal reported. The 30,000 sq. ft. space was once occupied by Loehmann's.
"Everyone wants to jump into this space," Hudson's Bay CEO Jerry Storch told The Wall Street Journal. "But not everyone has done well in this area. It's not as simple as hanging out a shingle and marking things down."
Hudson's Bay-owned Lord & Taylor already operates a discount outlet, Saks Off 5th, which competes with Nordstrom Rack and Neiman's Last Call. The format is part of a growing portfolio of banners that includes Lord & Taylor, Saks Fifth Avenue, Hudson's Bay and Galeria Kaufhof department stores.
"As you know, our mission is to modernize and contemporize the Lord & Taylor brand," Storch told Women's Wear Daily. "We believe Find @ Lord & Taylor will lift it up. It won't take away from it. It will help make it even more relevant."
But Find @ Lord & Taylor is being developed to reach younger shoppers, similar to Macy's Backstage, which opened its first store this fall and also plans for six more locations.
"We want to appeal to young people starting a family," Storch said. "This is an opportunity to introduce a new customer to the brand, who might eventually migrate to the higher-end store."
Find @ Lord &Taylor will have plenty of competition. Even Kohl's is opening an off-price concept called Off Aisle.
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-See this article in The Wall Street Journal
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