The year 2020 was one of the most challenging years in recent American history, marked not only by the tragic loss of public figures like Kobe Bryant and civil unrest following George Floyd’s death but also by deep economic upheavals affecting every sector. The coronavirus pandemic triggered a severe financial crisis impacting businesses big and small. Among the victims of this crisis was a historic symbol of American retail: Lord & Taylor.
Lord & Taylor, America’s oldest department store, announced the permanent closure of all its stores after nearly 200 years in business. This painful decision came as a result of financial difficulties caused by the pandemic and fundamental shifts in how consumers shop today—favoring online platforms over physical stores.
3. The company had already changed ownership, being sold to the French firm Le Tote Inc. in 2019. However, even after the acquisition, it failed to recover from declining sales. In August 2020, both Lord & Taylor and Le Tote filed for bankruptcy in the Eastern District of Virginia, marking the end of an era in American retail.
Initially, Lord & Taylor planned to keep 14 out of its 38 stores open through a restructuring process. But as the economic crisis deepened and consumer habits shifted more toward digital platforms like Amazon, the company was forced into a full liquidation, selling off all remaining inventory across its stores.
This was not just a loss for loyal customers but also a significant chapter closing in the history of American commerce. Lord & Taylor began in 1824 as a dry goods store in Manhattan and grew into one of the most prestigious names in fashion and home goods retail.
The store was renowned for innovation in the customer experience: it was one of the first to use large display windows, host fashion shows for shoppers, and offer a wide range of products under one roof—revolutionary concepts for its time.
In recent years, Lord & Taylor lost ground to powerful competitors such as Macy’s, Nordstrom, and especially Amazon. In a bid to survive, the company sold its historic Fifth Avenue building, which was later purchased by Amazon and repurposed into office space.
This symbolic move—from a traditional retail giant to a tech giant—highlighted the transformation the retail industry was undergoing. Consumers demanded convenience, speed, and competitive pricing, all of which Amazon readily provided.
Lord & Taylor’s closure is not merely a business failure but a reflection of massive changes in shopping habits and how technology has reshaped the global economy. Many other traditional retailers have met the same fate in recent years.
10. Despite the closure of its physical stores, Lord & Taylor’s legacy remains a cherished part of American retail history. It serves as a warning to businesses that fail to adapt to changing times and a reminder that even iconic brands can fall without innovation.