A stroll through the mall proves how ugly it is in retail land. Once-popular stores lack customers as they advertise liquidation sales, preempting shutdowns. Even many established department stores that once dominated the industry can’t keep it together.
13. Lord & Taylor
- Years in business: 192
A telltale sign of a struggling store: When it sells its flagship location on Fifth Avenue in New York City. Unfortunately, that’s exactly what Lord & Taylor, which has been in business since 1826, did.
The client who moved into the space, WeWork, is a rental co-working office space venture that embodies modern trends. Retail is dead, and so are traditional work environments.
Next: A riches-to-rags tale of a Midwest chain