There is a strange anomaly happening in the retail world. As we’re slowly pulling ourselves up on out of that recession, we’re actually starting to see a resurgence not in luxury goods, but rather in discounted clothing. J.Crew recently introduced J.Crew Mercantile, which will offer a lower price point for the quality basics we love the brand for. Goodwill is also opening up more and more Goodwill Boutiques, which feature their best thrifted pieces in a trendy, Urban Outfitters-like environment. Hopping on this budget-friendly train, department store Lord & Taylor just announced it will be opening a discounted goods option.
Similar to Nordstrom Rack or Saks OFF 5th, Lord & Taylor’s discounted storefront will be called “Find @ Lord & Taylor.” The first location is set to open November 19 in Paramus, New Jersey. According to WWD, Find @ Lord & Taylor stores will average 30,000 square feet each and will be stocked with in-season, on-trend merchandise priced up to 70 percent off regular prices.
Jonathan Greller, the president of outlets for Hudson’s Bay Co. (the company that owns Lord & Taylor), explains, “We believe we have the right mix of compelling price points, new locations and easy-to-shop store formats to target a new demographic of shoppers.” He goes on to explain, “This is an era where the customer is very heavily focused on value. The off-price sector screams value, and since the Great Recession there has been a very heavy customer focus on making sure they’re getting a deal. But you need to know what you are doing. Like any hot business, the off-price sector attracts many new entrants, some of whom think it’s easy to open an off-price store. We’ve been doing it for 25 years.”
Does this news want to make you shop at the department store more often? Share your thoughts with us in the comments below.
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