First it closed the New York flagship. Now HBC is looking at “strategic alternatives” for the entire Lord & Taylor chain. Who didn’t see this one coming?
Let’s face it: As active as Richard Baker and his Hudson’s Bay Co. have been at buying companies, they’ve been even better at selling them or shutting them down.
Lord & Taylor has been in retail no-man’s-land for decades, going back to its makeover in the hands of its onetime owner, the late and sometimes lamented May Co. As part of that onetime department store chain, Lord & Taylor was dumbed down from its more premium positioning in the marketplace and made to fit into the legendary May matrix, which said that all of these things are the same and none of them are different.
So HBC talked a good game and brought in some high-priced talent, but really, there was no place for Last year, when it first leased most of its Fifth Avenue flagship and then sold the whole thing outright to WeWork, it was clear how this was going to end., trying to undo the misplaced exuberance that Baker exhibited in putting together his retail conglomerate in the first place.
Strategic buyers would be a much shorter list. It’s hard to believe any existing department store chain is looking to take on additional real estate at this point in the game, and Lord & Taylor is not believed to have anything special in its online business.
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