Oldest Department Store In America Is Closing All Its Stores After 200 Years
The tumultuous year of 2020, marked by the tragic death of NBA star Kobe Bryant, was further marred by the coronavirus pandemic and civil unrest following George Floyd’s murder. As the economy faced challenges due to the pandemic, longstanding retailers struggled against the rising dominance of online platforms like Amazon. America’s oldest department store chain, Lord & Taylor, founded in 1824, is now set to close all 38 of its stores after nearly two centuries in business.
Lord & Taylor, known for its pioneering role as the first department store in the United States, filed for Chapter 11 bankruptcy in August 2020, initially planning to keep fourteen locations open. However, the economic pressures led to a change in strategy, and the decision was made to close all stores in a desperate liquidation sale. Last year, the French clothing company Le Tote Inc. acquired Lord & Taylor.
The closure of Lord & Taylor adds to the list of venerable American businesses facing economic fallout, including Brooks Brothers, J. Crew, J.C. Penney, Neiman Marcus, Stage Stores, Ann Taylor, and Lane Bryant. Brooks Brothers, another two-century-old company that had dressed numerous U.S. presidents, and Barneys New York, its longtime rival, also succumbed to bankruptcy.
The ongoing economic challenges, exacerbated by the pandemic, have led to the closure of historical businesses. The fate of these vacated spaces and the recovery of the economy remain uncertain, as traditional retailers grapple with the evolving landscape and online competition.
Lord & Taylor was a prominent American department store chain, founded in 1826 by Samuel Lord and George Taylor in New York City. It was known for its upscale merchandise, including clothing, accessories, and home goods. Over the years, Lord & Taylor became a staple in the retail industry, often recognized for its elegant store designs and high-quality products.
The store gained a reputation for featuring luxury brands and was especially popular among shoppers looking for fashionable and sophisticated items. Lord & Taylor was also notable for its iconic flagship store on Fifth Avenue, which became a landmark in New York City.
In the late 20th century, the company faced challenges as the retail landscape changed with the rise of online shopping and competition from other department stores. Despite efforts to adapt, Lord & Taylor struggled financially and eventually filed for bankruptcy in 2020.
In 2021, the brand was acquired by a new owner and shifted its focus primarily to online sales. While the physical stores have diminished, Lord & Taylor’s legacy as one of America’s oldest department store chains remains significant in the history of retail.
Lord & Taylor carried a variety of luxury brands that catered to upscale shoppers. Some of the notable brands included:
- Michael Kors – Known for its stylish handbags, clothing, and accessories.
- Kate Spade – Recognized for its playful and colorful designs in handbags and accessories.
- Calvin Klein – Famous for its modern and minimalist clothing, underwear, and fragrances.
- Ralph Lauren – Renowned for its classic American style in apparel and home goods.
- Tory Burch – Known for its chic and preppy clothing, handbags, and footwear.
- Burberry – Famous for its iconic trench coats and distinctive check patterns.
These brands, among others, helped establish Lord & Taylor as a go-to destination for luxury fashion and lifestyle products.