Nothing draws American shoppers like a bargain. That's why Hudson’s Bay Company announced on Monday the launch of Find @ Lord & Taylor, a new off-price concept offering on-trend, in-season brands at up to 70 percent off for women, men and children. Find's first location will be in Paramus, NJ, a former Loehmann's outpost. Hudson's Bay Company plans to open six additional Find stores at an average of 30,000 square feet per location for 2016.
Find is part of Hudson’s Bay Company's Outlet Division, along with Saks Fifth Avenue's Off 5th, which, in conjunction with off-price stores like Nordstrom Rack, is enjoying a growth period. "Off-price continues to be a key driver of HBC's growth strategy, and we are thrilled to expand this business with the introduction of our newest concept," Jerry Storch, CEO of Hudson's Bay Company, said in a statement. What will set Find apart within the company's outlet division, however, is its expanded offerings in housewares.
"We believe we have the right mix of compelling price points, new locations and easy-to-shop store formats to target a new demographic of shoppers," said Jonathan Greller, president of outlets at Hudson's Bay Company. Since Lord & Taylor was acquired by Hudson's Bay Company in 2012, the department store has primarily focused on attracting millennial customers. In 2014, Lord & Taylor launched a mobile engagement effort with Swirl, which uses beacon technology to promote in-store marketing deals to shoppers' smartphones. The department store also partnered with Pounce for another app that allows shoppers to purchase products online by scanning images from its print advertisements.
Earlier this spring, Stephanie Solomon, Lord & Taylor's vice president and fashion director, hired Hillary France, founder of Los Angeles trade show Brand Assembly, to bring on up-and-coming designers and in-store concept shops to the department store. Lord & Taylor also launched Design Lab Lord & Taylor, a private brand of contemporary apparel and footwear for young shoppers that offers the latest trends at an accessible price point. The debut collection featured athleisure, '70s-inspired and, of course, summer music festival gear.
With the addition of Find — and Saks Off 5th, which recently increased its same store sales by 12.7 percent during its second quarter — Hudson's Bay Company should see a nice sales boost during the holiday quarter.