The year 2020 delivered a series of events that changed daily life, disrupted routines, and placed extraordinary pressure on the American economy. From public-health challenges to shifts in workplace habits and consumer behavior, the retail sector found itself navigating conditions unlike anything it had faced before.
As people stayed home and relied more heavily on online shopping, traditional brick-and-mortar stores struggled to maintain sales and cover operational costs. Many companies that had weathered decades of economic cycles suddenly faced a level of uncertainty that made long-term planning nearly impossible.
Even before the pandemic, the retail industry had been evolving as digital purchasing grew more popular. However, the sudden acceleration of this shift created an uneven landscape where long-established retailers were forced to reassess their business models. Some attempted to adapt quickly by reducing inventory, cutting expenses, or enhancing their online presence, but for many, these adjustments were not enough to offset the financial impact of declining foot traffic and temporary closures.
Throughout the year, several well-known brands announced restructuring efforts, store reductions, or bankruptcy filings. These decisions marked the end of eras for companies that had once been central to shopping culture in countless American communities.
Vacant buildings that once served as bustling retail destinations now signaled a broader transformation in how people shop and how businesses operate. Among the closures, one stood out due to its long history and significance in American retail.
After nearly two centuries of service, the nation’s oldest department store permanently shut down all its remaining locations—Lord & Taylor.
