Strome Business Minute With Dr. Jeff Tanner

I’m Jeff Tanner, Dean of the Strome College of Business at Old Dominion University and this is a Strome Business Minute. I honestly thought Lord and Taylor was dead and gone but it’s not. Bought by a clothing rental company, Le Tote, in August, the deal included free rent for three years and closing five stores. One of the closures before the sale was the company’s flagship in New York City, which was nearly seven hundred thousand square feet. Lord & Taylor’s previous owner, Hudson Bay, sold the eleven story building to WeWork, a company struggling financially. Let’s hope they got paid in cash. Lord & Taylor’s new owners are now launching a new New York City store, a tiny twenty four hundred square feet or less than one percent of the old store’s footprint. Perhaps this type of reduction is the direction all retailing will take. To learn more, visit odu.edu/business. This Strome Business Minute is presented by the Strome College of Business at Old Dominion University.