Lord & Taylor expands store locations, but its image remains dated

Lord & Taylor may have been the go-to store for fashion-forward luxury business clothes a couple of decades ago, but the venerable retailer has been relying too heavily on its name instead of marketing to the newest generation of consumers. In an effort to grab a larger share of the luxury market sales, Lord & Taylor is scouting out a new store in Westchester County, N.Y., home to its second-best performing store, but some critics say that expansion might not be the best marketing solution.

Location expansion will coincide with a marketing plan to promote brand awareness, but Lord & Taylor's marketing efforts are aimed at professional women aged 35-55, ignoring the potentially lucrative Generation Y demographic that not only spends more money on luxury items, according to a consumer marketing study conducted by Packaged Facts, but influences older shoppers.