A new-age subscription service is buying out an old-school department store, as Le Tote takes over Lord & Taylor.The two retailers have reached a $75 million agreement that will give Le Tote a physical foothold at 38 Lord & Taylor stores and Lord & Taylor a digital overhaul. The up-and-comers’ buyout of a traditional retailer shows how young consumers’ shopping preferences are upending the retail world—and it looks like it’s “go digital or die” for at least one big brand. (The Cut)
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