Lord & Taylor Analysis
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On June 23, 2006, Federated Department Stores Inc. announced a deal to sell its Lord & Taylor department chain of stores to the property investment group NRDC Equity Partners LLC. (NRDC is a partnership between Apollo Real Estate Advisors L.P. and National Realty & Development Corp.)
Prepare an executive summary for the board of directors of NRDC with your suggestions on the future direction of Lord & Taylor's retailing strategy. At a minimum, include the following in your analysis:
1. Retailing strategy for Lord & Taylor that addresses both uncontrollable and controllable factors
2. Strategy to include direct marketing with details
3. Short- and long-term factors that need to be considered when developing a forecast model for the apparel retail industry
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Solution Summary
Lord & Taylor Analysis for board of directors of NRDC includes:
Retailing strategy for Lord & Taylor that addresses both uncontrollable and controllable factors, direct marketing with details and short- and long-term factors that need to be considered when developing a forecast model for the apparel retail industry.
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Some of the factors that NRDC can control are the Lord & Taylor brand, its product line, pricing strategy, the store locations and the real estate on which the stores reside.
The Lord & Taylor brand is a weak element that was demonstrated in its southeastern expansion and quick retreat after realizing that the store did not have sufficient national recognition. (Trigaux, 2003)
The brand must be carefully defined and communicated to the customer. A strong Lord & Taylor brand will allow the store to develop a lasting price premium with a perception of quality that can be the most influential ROI contributor. (The Six Financial Benefits to Brand Identity , 1997)
The product line should continue along its current path with close affiliation with GQ magazine in its launch of the Black Brown 1826 menswear collection. (Lord and Taylor & GQ celebrate launch of Black Brown 1826, 2008)
Web transactions that entail over 10% of all retail purchases are on the rise. (Fishman, 2008) This purchasing pattern should be fully addressed with the latest in web technology and internet portals to provide a high quality online shopping experience for the customer. ...
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