Following many of its peers and competitors, Lord & Taylor is beginning to roll out its own off-price chain of stores, which it will call Find@Lord & Taylor. The first store, set to open in Paramus, New Jersey, will fill approximately 35,000 square feet with apparel and home furnishings. The inventory, split about evenly between off-price and clearance items, seeks to appeal to younger and small family market segments, which differs from the demographic profiles that tend to shop at traditional Lord & Taylor stores. With plans to open six more locations within the next year, Lord & Taylor notes that the inspiration for this expansion came largely from its sister company Saks, which successfully opened the Saks Off Fifth chain of off-price stores. The parent firm, Hudson’s Bay, thus already includes ranks of employees and managers experienced with the process of launching such an expansion.
Source: George Anderson, Retail Wire, October 27, 2015