Another retailer jumps into the off-price game

The off-price space is growing by leaps and bounds, with yet another department store retailer throwing its hat in the ring.



Lord & Taylor will debut its new off-price concept, Find @ Lord & Taylor, on Nov. 19, in Paramus, New Jersey. The 30,000-sq.-ft. store will feature women’s, men’s, kids’ clothing and footwear, along with home goods. According to reports, the initial store will be followed by six additional locations next year.



“This opening marks an important milestone for the company as we debut our new banner and expand our outlet business in the U.S,” said Jonathan Greller, president of outlets, Hudson’s Bay Company (HBC), the Canadian-based parent of Lord & Taylor.



With the opening of Find@Lord & Taylor, HBC joins an increasingly crowded field that includes off-price formats from newer competitors that include Kohl’s, Macy’s and Bloomingdale’s, along with more established formats such as Nordstrom Rack, Saks’ Off Fifth, and Last Call from Neiman Marcus. And off-price giant TJX Companies continues to exceed expectations, posting better-than-expected profit and sales for its third quarter, ended Oct. 31. Revenue increased 5.3% to $7.75 billion, fueled in part by a 5% surge in same-store sales.