Acquired by the French company Le Tote Inc. in 2019, Lord & Taylor filed for Chapter 11 bankruptcy due to mounting financial pressures, initially planning to keep 14 locations open.

Founded in 1824 as the first U.S. department store, the brand’s decline accelerated after selling its Fifth Avenue flagship to WeWork (later acquired by Amazon).

Lord & Taylor holds the distinction of being the oldest department store in the United States. It began as a dry goods store at 8 Wall Street in New York City. The founders expanded the business over the years, offering more variety of goods, and it became known for its upscale offerings. Lord & Taylor is famous for its elegant, high-end clothing, including designer fashion, as well as fine home goods.

In the 1910s, the company became known for its innovative marketing and retail practices, such as creating elaborate window displays during the holiday season. It also gained a reputation for its customer service, and the store’s flagship location on Fifth Avenue became an iconic symbol of luxury shopping.

However, despite its long and storied history, Lord & Taylor faced difficulties in the 21st century, leading to a series of ownership changes. In 2020, Lord & Taylor filed for bankruptcy and closed many of its locations, including the iconic Fifth Avenue flagship store. The Lord & Taylor brand, which had been acquired by the Hudson’s Bay Company, was eventually sold to a new owner, and much of the business has been moved online.

2. Macy’s

• Founded: 1858
• Founder: Rowland Hussey Macy
• Location: New York City

Macy’s is another landmark in American retail, although it didn’t beat Lord & Taylor in age, it is often considered the most iconic and widely recognized department store in the U.S. Macy’s history began in 1858 when Rowland Macy opened his store in New York City. His store was unique for its use of large, visible signage and for creating a customer-friendly environment. Macy’s also introduced several innovations, including the first department store Santa Claus, and it became known for its elaborate holiday parades, such as the Macy’s Thanksgiving Day Parade, which began in 1924.

The company’s flagship store, located at Herald Square in Manhattan, is still one of the largest department stores in the world and attracts millions of visitors each year. Macy’s has played a major role in defining the department store experience, from the grand, ornate interiors to its extensive selection of merchandise, from clothing and beauty products to home goods.

Despite challenges faced by traditional retail in the internet age, Macy’s continues to thrive, though it has been shifting more towards an omnichannel business model, blending physical retail with e-commerce. Macy’s also operates the Bloomingdale’s brand, which is known for higher-end fashion and luxury items.

3. Saks Fifth Avenue

• Founded: 1924
• Founders: Horace Saks and Bernard Gimbel
• Location: New York City

While not as old as Lord & Taylor or Macy’s, Saks Fifth Avenue is another iconic name in luxury retail. It began in 1924 with a flagship store at 611 Fifth Avenue in New York, which remains one of the most prestigious shopping addresses in the world. Saks quickly became synonymous with high-end fashion, luxury items, and top-tier customer service.

As of now, Macy’s (founded in 1858) is one of the most recognizable department store chains still in business and operating across the U.S., particularly known for its flagship store in Herald Square, New York City.

Following a challenging 2020, marked by Kobe Bryant’s tragic death, the COVID-19 pandemic, and civil unrest, traditional retailers struggled.

Lord & Taylor, America’s oldest department store, couldn’t survive the economic hit and is now closing all 38 stores.