EditorsMay 07, 2024
Q&A: Author Vikki Tobak on the ‘Ice-Cold’ ExhibitionTobak, author of “Ice Cold: A Hip-Hop Jewelry History,” shares how the exhibition came to be, and the pieces people may be surprised to see.
MajorsOct 25, 2017
Lord & Taylor’s 5th Ave. Flagship Being Sold
The iconic retail space will become WeWork’s NYC headquarters, though a much smaller Lord & Taylor store will remain there.
WeWork’s current New York headquarters (pictured here) are located on 18th Street in Manhattan’s Chelsea neighborhood but will move into the Lord & Taylor building on Fifth Avenue after Christmas 2018. WeWork operates co-working spaces used by entrepreneurs, freelancers, small companies and start-ups worldwide.
New York--Hudson’s Bay Co. announced Tuesday that it is selling the Lord & Taylor Fifth Avenue flagship store to co-working space company WeWork in a deal valued at $850 million.
Under the terms of the deal, the 676,000-square-foot store will continue to operate through Christmas 2018. After that, WeWork will move its New York headquarters from Chelsea into the Lord & Taylor building, which also will be home to additional WeWork shared office space.
A Lord & Taylor store will continue to operate on the bottom floors of the building, which is located on the west side of Fifth Avenue between 38th and 39th streets, though it will be much smaller--150,000 square feet, or about a quarter of the entire space.
The planned sale of this iconic New York retail space, which opened in 1914 and is literally a city landmark, is yet another example of a large retailer coming under pressure to cut back on the amount of physical space it has and cash in on valuable real estate holdings as sales fall and more shopping is done online.
In a company statement, HBC Governor, Executive Chairman and interim CEO Richard Baker said: “HBC and WeWork have been working together to reimagine retail environments for current and future generations. This is a transformative partnership that rethinks how retailers create exciting environments and leverage less productive space while substantially improving the value proposition.”
WeWork CEO and founder Adam Neumann noted that, “Retail is changing and the role that real estate has to play in the way that we shop today must change with it.”
HBC said it will use the proceeds from the transaction to pay down debt.
As part of the deal, WeWork also will begin leasing space in other HBC-operated stores, starting with the upper floors of the Hudson’s Bay department stores on Queen Street in Toronto and Granville Street in Vancouver, as well as the Galeria Kaufhof department store in Frankfurt, Germany.
The news of HBC’s deal with WeWork comes less than a week after the retailer announced that CEO Gerald (Jerry) Storch was stepping down and would be replaced on an interim basis by Baker.
Headquartered in Brampton, Ontario, Canada, HBC operates the Hudson’s Bay, Lord & Taylor, Saks Fifth Avenue, Saks Off Fifth, Galeria Kaufhof (Germany) and Galeria Inno (Belgium) department store chains, as well as online retailer Gilt.
HBC ranks No. 17 on the $100 Million Supersellers list in National Jeweler’s
Editors' Picks
Sponsored by
2017 State of the Majors report, with an estimated $431 million in watch and jewelry sales in North America last year.
More on Majors
The Latest
EditorsMay 07, 2024
10 On-Theme Looks from the 2024 Met GalaStars adorned themselves in emeralds, platinum, and myriad bird motifs, writes Associate Editor Natalie Francisco.
IndependentsMay 07, 2024
112-Year-Old New Orleans Business Popping Up in Aspen M.S. Rau is set to open a seasonal gallery in the high-end resort town early next month.
Brought to you by
From Registration to Return: 10 Tips to Protect You Before, During and After a TradeshowTradeshow risks are real. Get tips to protect yourself before, during and after and gain safety and security awareness for your business.
CollectionsMay 07, 2024
These ‘Luminaries’ Are Set to Light Up CoutureThe six designers, all participants in the show’s Diversity Action Council mentorship program, will exhibit in Salon 634.
Weekly QuizMay 02, 2024
This Week’s QuizTest your jewelry news knowledge by answering these seven questions.
AuctionsMay 07, 2024
Sotheby’s to Auction Sylvester Stallone’s WatchesThe highlight of his collection is the coveted Patek Philippe Grandmaster Chime, which could sell for up to $5 million.
CollectionsMay 07, 2024
Phillip Gavriel Pays Tribute to Venice With New CollectionThe “Venetian Link” series modernizes the classic Veneziana box chain in its bracelets and necklaces.
Brought to you by
Rio’s Reimagined Podcast: For the Love of JewelersMeet Ben Claus—grand prize winner of For the Love of Jewelers 2023 Fall Design Challenge.
Events & AwardsMay 07, 2024
JA Now Accepting Applications for New Bench Jeweler ScholarshipThe Seymour & Evelyn Holtzman Bench Scholarship will provide tuition assistance to two low-income students.
Policies & IssuesMay 06, 2024
Rolex Files Objection to Hallmark’s New Trademark ApplicationThe Swiss watchmaker said the company’s plans to use a new version of the Hallmark crown on jewelry would confuse consumers.
EditorsMay 06, 2024
Q&A: 8 Questions With Anglo American’s Benny Oeyen The executive talked about the importance of self-purchasers and how fuel cell electric vehicles are going to fuel demand for platinum.
Events & AwardsMay 06, 2024
Ben Bridge Jeweler Accepting Applications for Lonia Tate ScholarshipIt will award a graduating high school student with about $10,000 toward a GIA diploma and an internship with the Seattle-based jeweler.
CrimeMay 03, 2024
Second Suspect Arrested in Murder of Colorado JewelerWheat Ridge, Colorado police took a 50-year-old man into custody Wednesday following a two-month search.
CollectionsMay 03, 2024
A Sneak Peek Into PGI’s Couture Platinum Spotlight ProgramPGI partnered with four new and seven returning designers for its annual platinum capsule collection.
MajorsMay 03, 2024
Kristie Nicolosi Joins WJA Board AgainNicolosi, president and CEO of The Kingswood Company, previously sat on WJA’s board from 2011 to 2018.
CollectionsMay 03, 2024
Piece of the Week: A “Bit of LUV” for the DerbyKarina Brez’s race-ready piece is a sophisticated nod to the horse-rider relationship.
CrimeMay 02, 2024
4 Indicted in Burglary Ring Targeting Indian, South Asian FamiliesThe men are allegedly responsible for stealing millions in jewelry and other valuables in 43 burglaries in 25 towns across Massachusetts.
CollectionsMay 02, 2024
Foundrae Launches ‘Horizon’ Collection“Horizon” invites individuals to explore the limitless possibilities that lie ahead, said the brand.
FinancialsMay 02, 2024
Pandora Raises Guidance After Strong Q1The jeweler credits its recent “Be Love” campaign and ongoing brand revamp for its 17 percent jump in sales.
IndependentsMay 02, 2024
Oklahoma Jeweler Glenn Lewis Dies at 68The co-founder of Lewis Jewelers was also the longtime mayor of the city of Moore.
AuctionsMay 02, 2024
Vintage Baume & Mercier With Ties to Elvis Sells for $7K Elvis Presley gifted this circa 1967 gold and diamond watch to Dodie Marshall, his co-star in “Easy Come, Easy Go.”
SurveysMay 01, 2024
Consumer Confidence Falls in AprilConcerns about rising prices, politics, and global conflicts continue to dampen consumer outlook.
TrendsMay 01, 2024
Amanda’s Style File: All Eyes on EmeraldsMay’s birthstone is beloved for its rich green hue and its versatility.
SourcingMay 01, 2024
Opsydia Names New Sales and Marketing Director Jacqui Larsson joins Opsydia with nearly two decades of experience in the industry.
CrimeMay 01, 2024
Grand Jury to Hear Case Against Jeweler Charged in Fatal Shove Following IJO ShowLast month in Dallas, David Walton pushed another jeweler, David Ettinger, who later died.
CollectionsApr 30, 2024
12 Otherworldly Pieces From Tiffany & Co.’s 2024 Blue BookThe “Tiffany Céleste” collection reimagines designer Jean Schlumberger’s interpretations of the universe.
