feLord & Taylor Launching Yet Another Off-Price Chain

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Earlier this year, we learned that Macy’s was opening its own off-price stores called Macy’s Backstage, and Kohl’s is opening an off-price store called Off Aisle by Kohl’sto unload returned merchandise. Now Lord & Taylor wants to join the party with their own off-price store, called Find @ Lord & Taylor.

Now, you can tell that the chain is meant to attract younger customers because the @ symbol is in the name, which stands for the Internets or something. Indeed, the Wall Street Journal explains, the chain is meant to attract shoppers in their twenties and thirties, when shoppers at Lord & Taylor stores are mostly over forty. In addition to the usual off-price store offerings of last season’s clothes and items from designer brands made just for off-price stores, “Finds” will have more items for babies and children and more home goods than a regular Lord & Taylor store.

Like other department stores’ off-price outlets, the stores are meant to capture business from younger shoppers with thinner wallets who might otherwise shop at stores like TJ Maxx, Marshalls, or Ross. Also, when these customers are older and perhaps wealthier, they might stick with the brand of their favorite off-price chain if they shop in department stores. An off-price store is “an opportunity to introduce a new customer to the brand, who might eventually migrate to the higher-end store,” the CEO of the parent company of Lord & Taylor and Saks explained to the Journal.

Lord & Taylor Jumps Into Discount Game [Wall Street Journal]

by Laura Northrup via Consumerist