Lord & Taylor to open Boca Raton store

New York-based retail chain Lord & Taylor is gearing up to open three new stores in the next year, the New York Post reported.

New locations will include an 80,000-square-foot store at Ridge Hill, a lifestyle center in Yonkers, a 120,000-square-foot store in Rockingham, NH, and an 80,000-square-foot store in Boca Raton, Fla., at Mizner Park.

The move to open more stores comes as a surprise since Lord & Taylor’s owner, Canada-based Hudson’s Bay Co., called off plans earlier this month to launch an initial public offering on the Toronto Stock Exchange.

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While Hudson’s Bay isn’t in any financial difficulties, its owner and chairman, Richard Baker — a New York real estate mogul who purchased Lord & Taylor as a property investment — is eager to launch the IPO next year, the Post said.

“To pull off an IPO, they do need to show some growth,” says Charles Grom, a retail analyst at Deutsche Bank Securities. [Post]