Department store Lord and Taylor revamps its image

October 26, 2010 4:32:44 PM PDT
Lord and Taylor is the oldest department store in New York, it's been in existence since 1826.

It has a legacy that was quite strong up until the 70s, when Lord and Taylor cache took a bit of a dip. But, the Fifth Avenue store known for its iconic rose is getting a fresh look.

"We haven't touched it until 1976, and as we reach out to a younger consumer, we want to make sure we have the store that look like it's part of the 21st century," said Brendan Hoffman, Lord & Taylor's CEO.

Hoffman shows Eyewitness News the brand new first floor filled with makeup counters and good lighting. Upstairs for the first time in twenty years, there is a home section and now when you shop throughout the store, light streams in through the windows.

"Well, that was kind of 'ah ha' moment for us. The windows have always been covered for 95 years. And when we open up the windows of the second floor to let the great Fifth Avenue light come in, we said we got to do this on every floor," Hoffman said.

Retailers spent more than $20 million to turn this store into the flagship it's meant to be.

"I think we're really benefiting in this post recession or still towards to the end of the recession. We all are where customers are looking for more affordable and that's what they're finding here in Lord and Taylor, along with the great brand names and a great shopping experience, so we really follow this behind to make the investment," Hoffman said.

The event Tuesday night benefits VH1's Save the Music Foundation, which goes towards music education.