Newspaper article The Record (Bergen County, NJ)

Lord & Taylor's Off-Price Outpost

Newspaper article The Record (Bergen County, NJ)

Lord & Taylor's Off-Price Outpost

Article excerpt

Lord & Taylor enters the crowded and rapidly growing off-price market today with the opening of its first Find @ Lord & Taylor discount store, located in the former Loehmann's store on Route 4 in Paramus.

Sales at department stores' off-price versions of themselves -- Nordstrom Rack, Neiman Marcus' Last Call, Saks Off Fifth -- have been outpacing results at the full-price stores, and Lord & Taylor is one of three retailers to launch off-price concepts this year. The location it chose for its first Find store puts it in the midst of the competition -- a mile away from the Saks, Bloomingdale's, Nordstrom and Neiman Marcus off-price stores all at The Outlets at Bergen Town Center.

The store, with displays and signs intended to appeal to younger, trendier customers, is a sign that Lord & Taylor is being innovative and moving into an important market, retail experts said. The store's sign is white letters on a purple background and it uses purple as its signature color through the store, from the T-shirts worn by the employees, to the signs and fixtures. Signs with messages such as "Score!" and "Whoa! Crazy Low Prices" are hung on the walls.

The 35,000-square-foot store carries women's, men's and children's clothing, some of it clearance items from Lord & Taylor stores, and some overstocks and discount buys from manufacturers. The store, unlike a traditional Lord & Taylor department store, has a home department stocked with bath towels, dishes and even Keurig coffee makers.

"We developed this concept with the millennial customer in mind," said Jonathan Greller, president of Outlets for Hudson's Bay Company, the parent company of Lord & Taylor. The store is designed, he said, to create "expressions of discovery and excitement" throughout the store, and to give a busy millennial customer "a one- stop-shop that styles her life for less."

Off-price "remains the fastest-growing segment in overall apparel," said retail analyst Craig Johnson, president of Customer Growth Partners. Off-price sales have climbed 44 percent over the past five years, to $39 billion last year, and make up 20 percent of all apparel sales, according to Customer Growth Partners. …

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