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Lord and Taylor latest to launch off-price chain
Hudson’s Bay Company will open the first Find @ Lord & Taylor off-price concept store in Paramus, N.J. next month and plans to open six more stores in the Northeast next year.
New York--As discount and outlet stores continue to thrive in today’s economy, department store chain operator Hudson’s Bay Company announced that it will launch an off-price division of Lord & Taylor.
The Find @ Lord & Taylor off-price concept stores, which will cater to a younger demographic, will launch in the Northeast, with the first store opening in Paramus, N.J. next month. Six additional store openings are planned for 2016, though details on where exactly these stores will be located were not available by press time.
Find @ Lord & Taylor stores will average 30,000 square feet and offer women’s, men’s and kid’s apparel and footwear and, unlike other HBC outlets, will have an expanded home section.
“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,” CEO Jerry Storch said. “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.”
HBC is the latest department store chain to put more focus on opening off-price stores. In addition to Find @ Lord & Taylor, HBC’s outlet division also includes Saks Fifth Avenue Off 5th, which the company has been ramping up lately.
Other companies putting more emphasis on off-price include Neiman Marcus, Nordstrom with Rack and Signet Jewelers Ltd. with its new Jared Vault stores and earlier acquisition of the Ultra outlet chain.
In addition, Macy’s Inc. announced in May that it was getting into the outlet business with Macy’s Backstage, starting with six pilot stores in the New York City metropolitan area this fall.
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