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.
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]