Lord & Taylor, based in New York, New York, is the oldest upscale department store
chain in the United States. Concentrated in the eastern United States, the retailer
operated independently for nearly a century prior to joining American Dry
Goods (later renamed Associated Dry Goods Corp.). Today, the chain is the sole
surviving department store nameplate from Associated, as well as from May Department
Stores. Lord & Taylor is owned and operated by NRDC Equity Partners, LLC.
NRDC bought the chain from Federated Department Stores in October 2006 as Federated
sought to concentrate on the Macy's chain after their purchase of May Department
Stores (with all other former May department store nameplates having
been converted to Macy's), and because the Lord & Taylor brand conflicted with
Federated's Macy's and Bloomingdale's brands.
Samuel Lord and George
Washington Taylor founded the company in 1826; it was the first major store on
Fifth Avenue. Among other firsts, it was the first store to present innovative
Christmas windows filled with holiday displays rather than merchandise, and the
first to open a branch store (1941 in Manhasset). Lord & Taylor is also known
for playing the national anthem before the start of each business day.
In
1916 Lord & Taylor became a founding member of the American Dry Goods Co.,
soon after renamed Associated Dry Goods Corp. It was a long-time fashion leader
and considered the “crown jewel” of Associated; when the May Company acquired
ADG in 1986, it was assumed that May bought ADG just for the upscale Lord &
Taylor division. |
