Glossy – The world of department stores is facing rough seas. One company that has been hit particularly hard is Hudson’s Bay Company, the Canadian owner of retailers including Saks Fifth Avenue that announced plans earlier this month to sell the floundering Lord & Taylor brand.
“The challenges for department stores are primarily the result of selling commodity products — products that are available at their competitors’ stores and also sold by the manufacturers’ branded stores,” said Ken Morris, principal at BRP, retail consulting firm. “The best way to survive is to differentiate your brand through experiences, just like some of the successful European department stores such as Galeries Lafayette, Harrods and Selfridges.”
Read Full Article: The long, slow fall of Lord and Taylor