Lord & Taylor is joining the likes of Kohl's, Macy's, Nordstrom and Saks Fifth Avenue with the launch of its own off-price format next month.
The new concept, named Find @ Lord & Taylor, will debut at the site of a former Loehmann's store in Paramus, NJ. According to reports, the new concept will feature merchandise evenly split between clearance items and off-price goods. The 35,000 square-foot store will sell clothing for women, men and kids, and home furnishings, as well.
The decision to open the concept was made easier by the success of sister company Saks' own off-price concept called Saks Off Fifth.
"We've been growing quite rapidly and profitably with Saks Fifth Avenue Off Fifth," Jerry Storch, CEO of Hudson's Bay Company, which owns Lord & Taylor, told The Record. "We have a fantastic, skilled team who knows exactly what they're doing and how to succeed in the off-price business," he said.
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In an interview with The Wall Street Journal, Mr. Storch said the new off-price concept would appeal to a different set of consumers — younger and starting families — than those who shop at Lord & Taylor's flagship department stores.
The first Find @ Lord & Taylor will be followed by six additional locations next year.