NREI
Near the entrance of the Lord & Taylor store in Yonkers, New York, a new mini-store appeared out of the blue a few weeks ago. It bore a name—Le Tote—perhaps unfamiliar to the department store’s regular shoppers, and contained clothing racks with the words "Rent. Return. Repeat.”
It’s the first step in a lengthy transformation process planned by Le Tote. The internet-based apparel subscription service acquired Lord & Taylor from Hudson’s Bay in a deal that closed earlier this month. For about $75 million in cash, Le Tote now has rights to the Lord & Taylor brand, its inventory and control of its e-commerce site, along with the chain’s 38 stores, five of which will shutter. . . . more
