In 2020, the U.S. faced significant challenges, including the death of NBA star Kobe Bryant, the COVID-19 pandemic, and civil unrest after George Floyd’s murder.
As businesses struggled, traditional retailers like Lord & Taylor, America’s oldest department store chain, faced difficulties adapting to the growing trend of online shopping. In August 2020, Lord & Taylor and Le Tote Inc. filed for bankruptcy. Even before the pandemic, Lord & Taylor had made strategic moves, such as selling their iconic Fifth Avenue location to a French company, which was later bought by Amazon, signaling Amazon’s entry into the Manhattan office market.
