SourcingOct 19, 2026
Jewelry Design Competition Show Airs in Thailand"The Secret Gems" features eight Thai jewelry brands paired with a team of young craftspeople who create jewelry together to win challenges.
MajorsOct 25, 2017
Lord & Taylor’s 5th Ave. Flagship Being Sold
The iconic retail space will become WeWork’s NYC headquarters, though a much smaller Lord & Taylor store will remain there.
WeWork’s current New York headquarters (pictured here) are located on 18th Street in Manhattan’s Chelsea neighborhood but will move into the Lord & Taylor building on Fifth Avenue after Christmas 2018. WeWork operates co-working spaces used by entrepreneurs, freelancers, small companies and start-ups worldwide.
New York--Hudson’s Bay Co. announced Tuesday that it is selling the Lord & Taylor Fifth Avenue flagship store to co-working space company WeWork in a deal valued at $850 million.
Under the terms of the deal, the 676,000-square-foot store will continue to operate through Christmas 2018. After that, WeWork will move its New York headquarters from Chelsea into the Lord & Taylor building, which also will be home to additional WeWork shared office space.
A Lord & Taylor store will continue to operate on the bottom floors of the building, which is located on the west side of Fifth Avenue between 38th and 39th streets, though it will be much smaller--150,000 square feet, or about a quarter of the entire space.
The planned sale of this iconic New York retail space, which opened in 1914 and is literally a city landmark, is yet another example of a large retailer coming under pressure to cut back on the amount of physical space it has and cash in on valuable real estate holdings as sales fall and more shopping is done online.
In a company statement, HBC Governor, Executive Chairman and interim CEO Richard Baker said: “HBC and WeWork have been working together to reimagine retail environments for current and future generations. This is a transformative partnership that rethinks how retailers create exciting environments and leverage less productive space while substantially improving the value proposition.”
WeWork CEO and founder Adam Neumann noted that, “Retail is changing and the role that real estate has to play in the way that we shop today must change with it.”
HBC said it will use the proceeds from the transaction to pay down debt.
As part of the deal, WeWork also will begin leasing space in other HBC-operated stores, starting with the upper floors of the Hudson’s Bay department stores on Queen Street in Toronto and Granville Street in Vancouver, as well as the Galeria Kaufhof department store in Frankfurt, Germany.
The news of HBC’s deal with WeWork comes less than a week after the retailer announced that CEO Gerald (Jerry) Storch was stepping down and would be replaced on an interim basis by Baker.
Headquartered in Brampton, Ontario, Canada, HBC operates the Hudson’s Bay, Lord & Taylor, Saks Fifth Avenue, Saks Off Fifth, Galeria Kaufhof (Germany) and Galeria Inno (Belgium) department store chains, as well as online retailer Gilt.
HBC ranks No. 17 on the $100 Million Supersellers list in National Jeweler’s
2017 State of the Majors report, with an estimated $431 million in watch and jewelry sales in North America last year.
More on Majors
The Latest
CollectionsOct 19, 2026
John Hardy Enters the Medallion Chat With Talisman Collection The brand’s “Modern Talisman” capsule collection introduces pendants inspired by the mythology, natural world, and spiritual ethos of Bali.
IndependentsOct 19, 2026
The Stories of 5 Jewelers Celebrating Their Centennials in 2026Independent jewelers from New Mexico to New Jersey answer the question: What has kept your store in business for 100 years?
Brought to you by
Open an Account, Get $50 Off Your First Order. No Code Needed.Built on Relationships. Refined by Craft.
SurveysOct 16, 2026
How Inflation, Gas Prices Will Affect Holiday Sales The NRF is expecting holiday sales to increase this year, but consumers and retailers alike are facing Grinch-like headwinds.
Weekly QuizOct 15, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsOct 16, 2026
Christina Puchi’s Earrings Hold the UniverseOur Piece of the Week gathers the planets, represented by a variety of colored gemstones, in a pair of 14-karat yellow gold earrings.
IndependentsOct 16, 2026
Reeds Jewelers Expands, Relocates FlagshipThe New York-based jeweler is moving its Amherst flagship store to a larger location in nearby Snyder.
Brought to you by
Meet Gemology’s Next Generation Microscope: GIA® Gemolite® NXT Professional EditionExperience gemstones with greater precision and comfort than ever before.
IndependentsOct 15, 2026
Retailer Hall of Fame 2026: Amy and Elise Greenberg For 40 years, sisters Amy and Elise Greenberg have helmed their 126-year-old family business, leading with appreciation and integrity.
ColumnistsOct 15, 2026
Peter Smith: What Is the Culture REP?It’s a term Smith coined and felt compelled to share following a bad experience with an aborted flight and an unfeeling flight attendant.
WatchesOct 15, 2026
Stephanie Gottlieb’s New Movado Watches Are Made for Your Wrist StackMovado teamed up with the New York-based fine jewelry designer on a new collection of Movado Museum Velura watches.
SourcingOct 15, 2026
Signet Jewelers, Richemont May Join Bidder for De Beers, Report SaysThe two companies are reportedly in talks to join the Global Diamond Consortium, led by former De Beers CEO Gareth Penny, as per Bloomberg.
CollectionsOct 15, 2026
Wolf x Marla Aaron's New Jewelry Box Is for Some (Not All) of Your ThingsThe “Some of the Things” box follows the two larger “Everything” box designs with the look and function of antique sewing and toolboxes.
IndependentsOct 14, 2026
Retailer Hall of Fame 2026: Coleman and Mitchell ClarkFourth-generation jewelers Coleman and Mitchell Clark exemplify the best qualities of their predecessors: humility, modesty, and confidence.
SourcingOct 14, 2026
Manuel Marcial de Gomar, ‘The Emerald Whisperer,’ Dies at 90The gem hunter, whose 70-year career was defined by adventure and exploration, is remembered for his steadfast faith and sense of wonder.
FinancialsOct 14, 2026
LVMH’s Jewelry Brands Turn in ‘Very Good’ Performance in Q3 Tiffany & Co. continued its full-scale store renovation project while Bulgari’s high jewelry collection generated “record-breaking revenue.”
Events & AwardsOct 14, 2026
Chicago Responsible Jewelry Conference Releases 2026 ProgramThis year’s sessions feature leading voices from human rights, legal, and conservation organizations.
MajorsOct 13, 2026
David Webb Owner Purchases Lugano JewelryThe high-end jewelry retailer was sold to private investment firm Middle West Partners and a group of longtime clients.
Lab-GrownOct 13, 2026
Stephanie Gottlieb Takes Lab-Grown Diamond Collection WholesaleThe jewelry designer has partnered with Sofer Jewelry to distribute her 85-piece lab-grown diamond collection.
IndependentsOct 13, 2026
Retailer Hall of Fame 2026: Sean DunnDunn, this year’s Single-Store Independent inductee, is passionate about innovation and telling the story of natural diamonds.
AuctionsOct 13, 2026
Christie's Geneva To Auction 'Bulgari Pink' DiamondThe 24-carat fancy intense pink diamond ring could fetch up to $18 million at the November sale.
IndependentsOct 13, 2026
Greenwich St. Jewelers’ New Candle Smells Like HomeThe “Island Jewel” candle honors New York City and Puerto Rico and raises money for the island’s water relief efforts.
TechnologyOct 13, 2026
GemFind Is a New JA Member Benefit Partner The partnership will give JA members access to preferred pricing, exclusive benefits, technology solutions, education, and resources.
SurveysOct 09, 2026
These Will Be the 10 Busiest Days for In-Store Shopping This Holiday SeasonStores should expect to see the most customers on Nov. 27, and Christmas week is expected to be hectic too, as Dec. 25 falls on a Friday.
CollectionsOct 09, 2026
Elisa Solomon Collabs With Serendipity 3 on ‘Frozen Hot Chocolate’ CharmThe charm, our Piece of the Week, features brown diamond frozen hot chocolate topped with white diamond whipped cream and a ruby straw.
AuctionsOct 09, 2026
8-Carat Blue Diamond Goes Unsold at UK Jewelry Auction The top lot of Elmwood’s recent fine jewelry sale in London was a 1.84-carat, D color Tiffany & Co. solitaire diamond ring.
WatchesOct 09, 2026
Movado to Sell Majority Stake in Ebel for $66.5MThe watch company agreed to sell a 95 percent interest to a group comprised of F.P. Journe, Chanel, and Swiss watch exec Pierre Jacques.
