Off-price stores are having their moment and Lord & Taylor is throwing its hat in the ring—the retailer announced Monday that it’s launching it’s own discount store concept called Find @ Lord & Taylor.
The move follows Macy’s recent launch of its Backstage stores and accelerated efforts by Saks and Nordstrom to expand their own discount formats. And with off-price retailers expected to outperform the overall apparel sector for the next five years, these brands could be wise to capitalize on the cost-conscious consumer market.
Find @ Lord & Taylor’s product mix will include on-trend, in-season product at “amazing” prices, according to the company, and is expected to lure a younger shopper.
“Off-price continues to be a key driver of HBC’s growth strategy, and we are thrilled to expand this business with the introduction of our newest concept,” said Jerry Storch, CEO of Hudson’s Bay Company, which owns Lord & Taylor. “We see significant opportunity for expansion and remain committed to investing in this sector through new store opening and developments. We believe Find @ Lord & Taylor will be a great entry point to introduce the Lord & Taylor brand to new consumers.”
The first of the Find formats will open in Paramus, New Jersey next month, with six additional store openings in the Northeast slated for 2016. The Paramus store will set up shop in a 35,000-square-foot space at 180 Route 4 East, formerly home to Loehmann’s, a discount store that ceased its brick-and-mortar business when demand dipped but recently returned as an online only format.
Additional Find @ Lord & Taylor stores will average 30,000 square feet, with women’s, men’s and kids’ apparel and footwear, plus an expanded home selection at up to 70 percent savings.
“We believe we have the right mix of compelling price points, new locations and easy-to-shop store formats to target a new demographic of shoppers,” Jonathan Greller, president of outlets at Hudson’s Bay Company, said. “Our goal is to offer our consumers an exciting merchandise mix at impressive prices.”