Tobak, 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.
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.
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
The Latest
Stars adorned themselves in emeralds, platinum, and myriad bird motifs, writes Associate Editor Natalie Francisco.
M.S. Rau is set to open a seasonal gallery in the high-end resort town early next month.
Tradeshow risks are real. Get tips to protect yourself before, during and after and gain safety and security awareness for your business.
The six designers, all participants in the show’s Diversity Action Council mentorship program, will exhibit in Salon 634.
The highlight of his collection is the coveted Patek Philippe Grandmaster Chime, which could sell for up to $5 million.
The “Venetian Link” series modernizes the classic Veneziana box chain in its bracelets and necklaces.
Meet Ben Claus—grand prize winner of For the Love of Jewelers 2023 Fall Design Challenge.
The Seymour & Evelyn Holtzman Bench Scholarship will provide tuition assistance to two low-income students.
The Swiss watchmaker said the company’s plans to use a new version of the Hallmark crown on jewelry would confuse consumers.
The executive talked about the importance of self-purchasers and how fuel cell electric vehicles are going to fuel demand for platinum.
It will award a graduating high school student with about $10,000 toward a GIA diploma and an internship with the Seattle-based jeweler.
Wheat Ridge, Colorado police took a 50-year-old man into custody Wednesday following a two-month search.
PGI partnered with four new and seven returning designers for its annual platinum capsule collection.
Nicolosi, president and CEO of The Kingswood Company, previously sat on WJA’s board from 2011 to 2018.
Karina Brez’s race-ready piece is a sophisticated nod to the horse-rider relationship.
The men are allegedly responsible for stealing millions in jewelry and other valuables in 43 burglaries in 25 towns across Massachusetts.
“Horizon” invites individuals to explore the limitless possibilities that lie ahead, said the brand.
The jeweler credits its recent “Be Love” campaign and ongoing brand revamp for its 17 percent jump in sales.
The co-founder of Lewis Jewelers was also the longtime mayor of the city of Moore.
Elvis Presley gifted this circa 1967 gold and diamond watch to Dodie Marshall, his co-star in “Easy Come, Easy Go.”
Concerns about rising prices, politics, and global conflicts continue to dampen consumer outlook.
May’s birthstone is beloved for its rich green hue and its versatility.
Jacqui Larsson joins Opsydia with nearly two decades of experience in the industry.
Last month in Dallas, David Walton pushed another jeweler, David Ettinger, who later died.
The “Tiffany Céleste” collection reimagines designer Jean Schlumberger’s interpretations of the universe.