by Kevin Coupe

The New York Times reports this morning that the 676,000 square foot Lord & Taylor flagship store on Fifth Avenue in Manhattan - for more than a century seen as “a monument to old-school retail” - is crumbling, at least metaphorically.

“The forces buffeting the retail industry are diminishing Lord & Taylor’s presence as a New York institution,” the story says. “The company that owns the department store chain, Hudson’s Bay, said Tuesday that it was selling off the flagship store to WeWork, a seven-year-old start-up whose office-sharing model is helping to reinvent the concept of work space.

“Lord & Taylor will rent out about a quarter of the building, where it will operate a pared-down department store. WeWork will use the rest of the building for its global headquarters and to lease shared office space to its customers. The redesign is expected to come after Christmas of 2018.”

In other words, we have an old-world business model giving way to a new economy business model. It is Eye-Opening, and not just metaphorically.