CollectionsOct 02, 2025
Boucheron Debuts Cuffs Crafted With 3D-Printed SandIts “Quantre Sand” capsule was made using a 3D sand printing technique borrowed from the automotive and aeronautics industries.
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
CrimeOct 02, 2025
$1M in Jewelry Stolen in Northern California Smash and Grab Four individuals have been charged in the “takeover-style” robbery of Heller Jewelers last month, and additional charges are expected.
TrendsOct 02, 2025
Amanda’s Style File: October’s Colorful ShowThe month’s birthstones, tourmaline and opal, complement the palette of autumn.
ColumnistsOct 01, 2025
Peter Smith: Why Vendor Success Starts With Self-ReflectionSmith shares the importance of looking at your company with openness and honesty to identify opportunities you may be missing.
Weekly QuizOct 02, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
EditorsOct 01, 2025
Playing Favorites: The Best Jewelry From VicenzaoroAssociate Editor Natalie Francisco visited Italy to spot jewelry trends at the September Vicenzaoro show and share her top finds.
SurveysOct 01, 2025
Consumer Confidence Hits 5-Month Low in September Respondents were concerned about job availability and rising prices.
Brought to you by
reDollar.com Is Rolling Out the Next Level Jewelry, Diamond & Watch Consignment ProgramWith their unmatched services and low fees, reDollar.com is challenging some big names in the online consignment world.
SourcingOct 01, 2025
Gemfields’ H1 Revenue Falls 47%Its latest interim financials revealed a challenging first half due in part to production troubles at its mines.
CrimeSep 30, 2025
2 Suspects Charged in $300K Sleight-of-Hand Jewelry Store ScamTwo men allegedly used counterfeit bills to purchase luxury watches and jewelry from a North Carolina jeweler.
CollectionsSep 30, 2025
Billie Eilish, Finneas Partner with John HardyThe “Lovestruck” collection, designed with the Academy and Grammy award-winning siblings, is the brand’s first lab-grown diamond offering.
IndependentsSep 30, 2025
Spinelli Kilcollin Announces Residency in DallasThe brand, celebrating its 15th anniversary, has popped up at Market, a luxury fashion destination in Highland Park Village.
IndependentsSep 29, 2025
Nina Pugliese, Longtime Henne Jewelers Employee, Dies at 65She was remembered as a creative and generous woman of faith, who also had a sweet tooth.
TrendsSep 29, 2025
Amanda’s Style File: Ear FocusMove over neck mess, the ear story is the way to make a layering statement today.
IndependentsSep 29, 2025
Mark Henry Jewelry to Debut in CanadaThe New York-based brand is set to launch a limited-time offering for the holiday season at Holt Renfrew in Toronto.
MajorsSep 29, 2025
Overnight Releases New Bridal CatalogThe “Volume 7” bridal catalog features best-selling engagement rings, trending styles, and a new section highlighting anniversary bands.
SurveysSep 26, 2025
Online Shopping, Influencers to Drive Holiday Spending, Mastercard SaysHoliday sales growth is expected to slow as consumers grapple with inflation and tariff-related uncertainty.
Events & AwardsSep 26, 2025
Winners of Austin Jewelry Design Contest Announced Jamie Turner Designs is among the winners of the local “Austin Shines” contest, hosted by Eliza Page, a jewelry store in Austin, Texas.
TrendsSep 26, 2025
Piece of the Week: Kwit Jewelry’s Square Signet Pinky RingThe red and azure colorway is one of many fun enamel pairings offered, bringing whimsy to the classic style of a monogramed signet ring.
Policies & IssuesSep 25, 2025
JA CEO Provides Tariff Update Following Annual Fly-InA trade deal with Switzerland seems probable, but reaching an agreement with India remains a challenge, David Bonaparte said.
SourcingSep 25, 2025
2 African Countries Aim to Take Stake in De Beers Botswana’s president said his country wants a controlling share, while Angola envisions multiple countries holding minority stakes.
Lab-GrownSep 25, 2025
Kira Jewels Expands Lab-Grown Diamond ProductionThe manufacturer is adding 1,400 chemical vapor deposition (CVD) reactors to its growing facility in India.
IndependentsSep 25, 2025
Alex Moss’ New Flagship Brings Bold Jewels to SoHoThe jeweler to the stars has worked with Drake, A$AP Rocky, Tyler the Creator, and other celebrities.
WatchesSep 25, 2025
Wilson & Son Jewelers Donates to the Horological Society of New YorkThe Scarsdale, New York-based jeweler donated a professional-grade watch cleaning machine.
Policies & IssuesSep 24, 2025
Tariffs Throw Diamond Trade Into DisarrayThe 50 percent tariffs on diamonds shipped from India to the U.S. have pushed midstream manufacturers to the edge.
SourcingSep 24, 2025
De Beers Adopts New Strategies to Drive Natural Diamond Demand in IndiaDe Beers’ refreshed, multipronged approach, which includes generic promotions and retail partnerships, is delivering positive dividends.
Policies & IssuesSep 24, 2025
For Jewelry Manufacturers, Higher Tariffs Create Long-Term WorriesThey are trying to balance the need to sustain well-established relationships with the pressure higher tariffs have put on margins.
