Word: fashion
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...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 was the golden jewel in May's portfolio, but [the owners] didn't focus on it," says Christine Chen, a retail analyst at Needham and Co. Upscale vendors began to bow out. "When I took over...
...Claiborne, Tommy Hilfiger and Nautica to make room for Coach, Kate Spade and Tommy Bahama. "The big theme that drives retail is getting back control of the brand, which is what they've tried to do," says Chen. "The Starbucks theory [of always expanding] doesn't work for fashion." Since 2003 Lord & Taylor has replaced 85% of its merchandise and reduced its style count 45%. The current 47-store chain is more akin to a specialty store: manageable, edited and easier to shop. "I think there will be a rallying cry for regional nameplates that bring charm and the service...
...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 to find its niche and customer base. "Baker knows the mall, but he's trying to run a fashion store, and this is day and night," says Davidowitz...
...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...
...past 22 years at Neiman Marcus, is clearly the one to do it. Having worn every hat from merchandise manager to V.P. of handbags and designer accessories to senior V.P. of stores, she took the reins of the company's e-commerce business in 2000, when flat-screen fashion was designers' biggest phobia. She turned it into a half-billion-dollar branch of the business, with every name in the industry on board. And she has presided over the now 39 Neiman Marcus stores for the past five years, a period when unequaled media attention, including television programs like...