At the opening of the first Find @ Lord & Taylor store, Jonathan Greller, president of outlets, Hudson’s Bay Co., the parent company of both the department store and the newly launched off-pricer, told HOMEWORLD BUSINESS® that the home department is a critical point of differentiation for the freshly forged concept.
Greller said that Hudson’s Bay expects Find to be a significant success not only in sales terms but also in drawing consumers to the Lord & Taylor brand.
The outlet launch in Paramus, NJ, on November 19, did prove to be a hit with local customers who completely filled the store’s parking lot in a community packed to the rafters with retailers.
Greller noted that the Paramus store is the first of five Find locations that Hudson’s Bay has slated, although where and when the others will open has yet to be determined. He added, however, that the additional stores are slated for development, and within Lord & Taylor’s traditional trading area, the northeastern United States.
He said of the Paramus store, “This is a pilot, not a test.”
One reason the home department is critical, Greller said, is because it will help differentiate Find from its sister off-price operation, Saks Off 5th, which he also supervises. Find targets younger consumers who may be setting up households, and it uses a bright purple and white color scheme to make the environment a bit livelier than the more urbane Off 5th, which has a strictly limited home goods selection scattered through the store.
Another point of differentiation: Although both Lord & Taylor and Saks are both upscale operations, Find focuses more on the opening pricepoint brands in the department store assortment while Off 5th concentrates on the luxury labels.
In both cases, though, Hudson’s Bay hopes to draw aspirational consumers who may not feel they have the financial clout to shop the department stores, and engage them with the Lord & Taylor and Saks off-price brands.