The year 2020 brought unprecedented challenges, including the deaths of NBA star Kobe Bryant and the global pandemic. These events deeply impacted society, affecting the economy and retail industry.
Lord & Taylor, America’s oldest department store chain, fell victim to these challenges, filing for Chapter 11 bankruptcy after nearly two centuries in business. Originally planning to keep some stores open, they ultimately decided to close all 38 locations due to ongoing economic difficulties.
Founded in 1824 in Manhattan, Lord & Taylor was the first U.S. department store, known for its dry goods. Despite its history, it couldn’t withstand the pandemic’s economic strain and changing consumer habits. Its sale to Le Tote Inc. in 2019 didn’t prevent bankruptcy.
The pandemic’s economic toll hit other iconic retailers too, like Brooks Brothers, J. Crew, and Neiman Marcus, leading to closures and bankruptcies. This upheaval raises questions about the future of retail and the economy’s recovery, with vacant storefronts needing new occupants. The retail landscape is evolving, and the path forward remains uncertain.