Chain Store Age
NEW YORK - NRDC Equity Partners, the new owner of Lord & Taylor, may turn the retailer’s Fifth Avenue flagship in Manhattan into condominiums or office space, according to Crain’s New York Business.
The private-equity firm, which bought the department store chain in October, had previously spoke about reducing the flagship’s 600,000-sq.-ft. retail space, but the company’s president said he is considering more drastic plans.
The landmark has been on Fifth Avenue and West 39th Street for 92 years and may move to another Manhattan location. Or the company could depart from the city altogether.
“It’s nice having a Manhattan store, but I wouldn’t call it key,” Baker told Crain’s. “We want to be where people live, not where they work.”
Lord & Taylor photo by ShellyS via Flickr.