Photo courtesy of Lord & Taylor
After closing its iconic Fifth Avenue flagship at the start of 2019, department store Lord & Taylor will be popping up again as a Manhattan shopping address, sources told Bloomberg. The department store brand, which was sold by former owner Hudson’s Bay to clothing rental company Le Tote for $100 million in cash in August, is reportedly opening a 2,400-square-foot shop for just two weeks in mid-December. The pop-up shop will be located on Wooster Street in Soho–a neighborhood whose current streetscape boasts as many empty storefronts and seasonal pop-ups as high-end designer fashion shops.
According to Bloomberg, the news comes via “a person familiar with the matter who asked not be identified because the plans haven’t yet been announced.” The pop-up is expected to be a tightly-curated micro-version of the 676,000-square-foot former “dress address.” Office leasing startup WeWork bought the 11-story Fifth Avenue building earlier this year. Lord & Taylor had been in business at that address for over a century.
WeWork purchased the east Midtown property with partners Rhone Capital and Hudson’s Bay for $850 million. But as 6sqft previously reported, the company was said to be considering selling the building–and is trying to lease the 660,000-square-foot property to high-paying office tenants–as a way to raise funds in light of a recent failed IPO and dramatically diminished company valuation.
Fellow department store icon Barneys New York will be following a similar path as the year winds down: The company was officially sold for around $270 million after filing for bankruptcy. The new owners of the luxury retailer, Authentic Brands Group and B. Riley Financial Inc., will license the Barneys name to other companies and close most of its locations across the country, but the store’s beloved flagship location at 660 Madison Avenue will stay open as a temporary pop-up for at least a year.
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