In a year already strained by global upheavals, 2020 marked the end of an era for Lord & Taylor, the oldest department store in the U.S. Founded in 1824, Lord & Taylor had long been an icon in American retail, renowned for its quality and legacy.
Yet, the events of 2020—including the global COVID-19 pandemic and widespread economic challenges—proved too overwhelming, leading the retailer to announce the permanent closure of all 38 of its locations.
The decline of Lord & Taylor, however, was set in motion well before 2020.
In 2017, the company made the historic decision to sell its iconic Fifth Avenue flagship store in New York City to WeWork for $850 million.
This sale marked a turning point, symbolizing the retailer’s struggle to adapt to a rapidly shifting retail landscape, where traditional department stores faced fierce competition from e-commerce giants. The landmark building,
