4. Lord & Taylor is being Renovated into the WeWork Headquarters
The iconic Lord & Taylor building, which has occupied Fifth Avenue for more than a century, has just announced that WeWork, a seven-year-old startup company renovating the idea of work space, will be taking hold of the building after Christmas 2018. WeWork plans to use the space as its global headquarters and rent out the remaining sections of the building to its clients.
Lord & Taylor is not the first major retail store to shut down a standing location. As the world of online shopping grows and more stores move to the internet, retailers are reevaluating the use of their physical spaces. In just the past year, Macy’s has shut down dozens of locations due to this phenomenon. Shopping malls are converting stores to movie theaters and gyms in an attempt to make up for the economic struggle and attract more customers.
Lord & Taylor has sold its most famous location to WeWork for $850 million with the idea that the space will be more successfully utilized by working millennials. However, it will still rent out roughly a quarter of the building, where it will operate a down-sized department store.