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Elfers started down the long road of repositioning the brand four years ago. A typical department store with 250,000 sq. ft. (about 23,000 sq m) can leverage its large size to get deep discounts on volume purchases. Lord & Taylor's petite 120,000 sq. ft. (11,000 sq m, aside from its New York store) made it tough to compete on promotions, price or depth of merchandise. So Elfers went smaller. In 2003 she closed 32 underperforming stores and then six more before the company's 2006 sale, placing the brand in higher-end markets. The profitable East...

Author: /time Magazine | Title: Studying the Classics | 9/21/2007 | See Source »

...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 people...

Author: /time Magazine | Title: Studying the Classics | 9/21/2007 | See Source »

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...

Author: /time Magazine | Title: Studying the Classics | 9/21/2007 | See Source »

...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...

Author: /time Magazine | Title: Studying the Classics | 9/21/2007 | See Source »

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...

Author: /time Magazine | Title: Studying the Classics | 9/21/2007 | See Source »

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