Word: taylorism
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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...
...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 was the golden jewel in May's portfolio, but [the owners] didn't focus on it," says Christine Chen, a retail analyst...
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...
...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 are looking...
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...