Lord & Taylor has taken their higher niche and traded it for a more "mainstream" approach. And the approach proved to be a success. According to WWD, the latest sale numbers show that the store is doing better than what was expected.
Recently, the company implemented a new controversial business strategy. While Lord & Taylor has been seen as a higher class of department store, "mainstreaming" the brand to the public and lowering prices made for easier sells. This means that while Lord & Taylor's niche was squarely between Macy's and Nordstrom, its re-branding strategy has it moving towards Macy's point of view. There will also be more of a focus on their label brands, such as Nautica, Kenneth Cole and Nine West and less on budding brands like Theory and Elie Tahari. Re-branding the name also changed their age range from 45-to-65 to ages 25-to-65.
But while fall sales are up, sales will still be down about $1.1 billion for the year. Though right now, the main concern will be the Christmas season. “Christmas will be a lot better than we feared, though still below 2007 numbers," said Lord & Taylor’s president and CEO Brendan Hoffman. "It will far exceed our expectations."
Picture: WWDSee the Top Ten Summer 2016 Trends for Women Over 40
Tags: Brands, business, Christmas season, concerns, Elie Tahari, industry, Kenneth Cole, Lord & Taylor, Lord & Taylorâ€™s president and CEO Brendan Hoffman, mainstream, Nautica, Nine West, retail, sales, Taneisha Jordan, Theory