Back to the Future?

For a number of years, obituaries have been prepared for the retail giant that dominated the first half of the 20th century: the department store. But, lo and behold, signs of life have been spotted in the "nearly deceased." Recent sales figures showed improvement in many department stores that have undergone renovations, changed their merchandise mix, and repositioned themselves away from the discounters. (It was heartening news to this shopper, whose retail career during college included time spent as a salesclerk in Canadian department stores The Bay, Eaton's, Simpson's, and Woodward's. Only The Bay survives today.) One store mentioned in the recent resurgence was the Lord & Taylor flagship store on New York's Fifth Avenue, which has undergone an extreme makeover. We visited recently, and the experience was like entering a friendly time warp, destination 1950. This is a store that seems proud of itself and what it has to offer. The main floor has been completely refurbished, restoring its original vaulted ceiling, mirrored support columns, and travertine floors. The aisles are wide, signage discreet, and displays neat and inviting. Sales staff appeared to have completed a course at the Miss Manners' school. Each of the ten floors was likewise buffed. The only jarring note we saw were the tables of discounted merchandise in the aisles of the men's department.

What can the specialty retailer learn from this? Just that retailing is much more than products and prices. It's also about experience and ambience. Even if that ambience takes us back a few decades.

For 2004, Gifts & Decorative Accessories chooses not one recipient for its Industry Achievement Award, but ten — ten companies, that is. They're all exhibitors in the Accent on Design division of the New York International Gift Fair, which celebrates its 20th anniversary this year. And all have been at Accent from the beginning. Starting on page 30, we present the first five honorees; the next five will be featured in the June issue. All ten will be commemorated at our annual Retailer Excellence Awards dinner at The Plaza in August. It promises to be quite a party.