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04/27/2021

After Closing Stores, Lord & Taylor Relaunches Online

Lord & Taylor, the first and oldest department store in the U.S., has launched its revival as a digital collective store by its new owner The Saadia Group.
Lord & Taylor closing

The relaunch comes after Lord & Taylor shuttered all its stores in 2021, following its acquisition by The Saadia Group in 2019 in a bankruptcy auction. 

The Digital Collective is a nimble way for the brand to continue existing with its rich, 195-year history. The new, digital-only approach underscores the challenges department stores have faced and represents a strong opportunity for the retailer as consumers have flocked to e-commerce shopping at unprecedented rates since the start of the Covid-19 pandemic. Even as vaccination programs roll out and consumers gain more confidence returning to brick-and-mortar stores, the influx of online shoppers is expected to remain heightened.

 

Exec summary

"The future of retail is fast and agile, mirrored by our team--which has managed to put together a fantastic assortment of merchandise and a website--in record time of less than 120 days,” said Jack Saadia, principal and co-founder of The Saadia Group. “We are deeply committed to continuing the rich legacy of the brand in a progressive way. Today's unveil is just the beginning."

The new digital collective platform will also feature collaborations, fresh assortments and new offerings, according to The Saadia Group. Lord & Taylor was well-known for its work with several American designers, with the retailer helping launch the careers of several emerging designers in its past. The updated assortment will feature new and emerging brands.