After months of speculation, Hudson’s Bay Co confirmed that the Lord & Taylor Flagship on fifth avenue will soon close its doors. We learned that the closure comes after the group suffered same-store sales declines across most of its divisions. It was also reported that a net loss of $308 million for the first quarter, which ended on May 5th, is one of the reasons for its closure. Currently, the property is being sold to WeWork. In the midst of things, the company is seeking new ways to connect with consumers. They recently negotiated a deal to sell Lord & Taylor items through a dedicated space on Walmart’s website.
We’re sad to see this iconic location come to an end.