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L&T Said Near Lease for New Store

The unit would be the retailer's first regular-price store opening in 10 years.

Back on the expansion trail, Lord & Taylor is close to signing a lease for a store in the Ridge Hill mixed-use center in Yonkers, N.Y., according to sources.

The unit could open in spring 2012, sources said. It would represent Lord & Taylor’s first regular-price store opening in 10 years, and indicates that the retailer’s owner, Hudson’s Bay Trading Co., is looking to open additional Lord & Taylor stores.

Lord & Taylor did not comment.

A lease agreement would cap a solid year for the retail chain, which completed a renovation of its Fifth Avenue flagship, opened its first two outlet stores and outpaced the industry with double-digit gains. The outlets are in the Jersey Gardens center in Elizabeth, N.J., and Great Lakes Crossing in Auburn Hills, Mich.

Originally, Saks Fifth Avenue signed a letter of intent to open in Ridge Hill but pulled out of the deal, enabling Lord & Taylor to go in.

Ridge Hill, situated just outside New York City, is under development by Forest City Enterprises Inc. Other tenants set to go into Ridge Hill include Whole Foods, Sephora, Dick’s Sporting Goods, L.L. Bean, Orvis, REI, Brio Tuscan Grille, Texas de Brazil, Yard House and The Cheesecake Factory.

Located between the New York State Thruway and the Sprain Brook Parkway, Ridge Hill is scheduled to open in 2011 and include 1.2 million square feet of retail and entertainment, along with 160,000 square feet of office space, according to Forest City.