Word: bakers
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Dates: during 2000-2009
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Spending the necessary cash to get Lord & Taylor back on track commercially?something Federated neglected to do?is equally as vital as retooling the merchandise. Baker has signed on the David Lipman Agency (of the Burberry and David Yurman campaigns) as creative consultants to redesign boxes, bags and credit cards, and will launch a September advertising campaign shot by Mario Testino that features Lauren Hutton, Carolyn Murphy and the sons of John McEnroe and Clint Eastwood. He's plunking down $250 million to update Lord & Taylor locations around the country and $100 million to renovate...
Regardless of the changes, the brand has a long way to go. The diminished chain that Baker inherited is a far cry from the powerhouse it was in the 1940s, '50s and '60s. The originator of the Christmas window and the first to hire a woman president and personal shoppers was once a showcase for high-end American designers?a tradition Baker hopes to revive. But when Lord & Taylor was bought by Associated Dry Goods in the late '70s, it lost its edge as a fashion leader. May Co.'s 1986 acquisition only contributed to their downward spiral. "Lord & Taylor...
Despite the progress, not everyone has as much faith in the department store's future as Elfers and Baker do. "Lord & Taylor is a problem child, a tarnished brand, and has a long way to go," says Howard Davidowitz, chairman of Davidowitz & Associates Inc., a national retail-consulting firm. "I am not sure, in the current competitive climate, that Lord & Taylor can stand on its own two feet and be a survivor." Davidowitz points to the fact that Baker paid top dollar for a minnow in a sea of powerful retail companies. The store is loaded with debt while seeking...
...others see Baker's approachable personality and outsider status as key to Lord & Taylor's success. He's energized but not jaded. "He doesn't come from the realm of fashion retail as we know it, but he's become very smart and has developed relationships with people in the industry very quickly," says Steven Kolb, executive director of the CFDA. Tuleh's Bradley thinks Baker's ability to observe from a nonretail point of view is the reason changes have happened so quickly. "He is a big-picture guy, and when the small picture needs to be looked...
...Even as Baker examines every aspect of the store, he's careful not to destroy what many people love about it. (He says he receives hundreds of e-mails from Lord & Taylor shoppers along the lines of "Please don't mess with my store!") His sensitivity has won over supporters. "He is a great partner," says Elfers. "If I had sat down and written an ending for Lord & Taylor, I don't think I could have written a better one." Die-hard fans can only hope she's right...