Lord & Taylor is aiming to expand for the first time in about a decade.
Sources said the retailer is seeking a second location in Westchester County, N.Y., largely based on the success of its Scarsdale branch in Westchester. That unit is the chain’s best-performing branch store. It is said to generate between $90 million and $100 million in annual sales, ranking second in volume behind L&T’s Fifth Avenue flagship.
The retail chain owns the 180,000-square-foot Scarsdale location, both land and building. However, a source noted it can not be expanded.
“They feel there is more opportunity for business in Westchester,” said the source.
L&T executives declined to comment.
The last time L&T opened a store was in 2000 in Willow Bend, Tex., which is in the Dallas metropolitan area. The unit closed a couple of years later.
The retailer operates 46 full-line stores and one outlet, which opened in February in Elizabeth, N.J. NRDC Equity Partners, L&T’s parent, committed to spending $250 million to renovate the current fleet of stores. The 650,000-square-foot Fifth Avenue flagship is getting $150 million of that money to overhaul the main, second and 10th floors in an effort to attract younger shoppers in addition to its core shoppers, and this year has been citing sales gains ahead of the industry average.
L&T is said to do best in suburban locations, where it has a long history. The chain was among the first fashion department stores to open a branch in the U.S. — in 1941 in Manhasset, N.Y.
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