Last month the department store closed down its Brookfield Place Saks Fifth Avenue women's store in Manhattan, leaving its men's store there to cater to the upscale consumer base spending their workdays in the financial district. But HBC's Saks Fifth Avenue - which is in the midst of a massive renovation to bolster its luxury stance - has also shuttered doors. Lord & Taylor is among the poorest performing players in a receding department store segment. HBC last year was reportedly looking to unload not just the Manhattan flagship and its Skokie, Illinois, location ( closed a little over a year ago after months of pressure from activist investor Land & Buildings Investment Management to sell off its best properties and deliver the proceeds to investors), but the entire chain. It's just the latest diminishment of Lord & Taylor. In this case, a once-iconic department store is being transformed into a co-working space. This deal has been in the works for some time, marking just one element in an ongoing shift in New York City's retail landscape, where department stores are ceding space and sales to specialty retailers.
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