Clothing retailer chairman speaks

Lord & Taylor Chairman Bud Reynolds claimed his voice was hoarse -- from yelling at his employees. Though he began his Wednesday Huntsman Hall speech with this joke, things quickly turned serious as he discussed the history of the Lord & Taylor chain and then the pressing issue of the company's repositioning. Reynolds explained that the company found its reputation as an upscale apparel, accessory and fashion provider being undermined by mainstream department stores that were moving into Lord & Taylor's marketing space. In response, under Lord & Taylor's President Jane Elfers, a repositioning statement was issued. This statement ultimately allowed Lord & Taylor to sell a wider selection of merchandise -- particularly contemporary and modern styles -- that would appeal to a larger clientele. Yet at the same time, Lord & Taylor wanted to feature brands not found at mainstream department stores. Reynolds explained that he wanted his company to "be a notch above other department stores." Just as Lord & Taylor's plan gave the company a much needed boost, Wharton senior Robyn Foo felt that bringing Reynolds to Penn would benefit the Wharton community. She thought that such a speech would be relevant to Penn students, especially as a new secondary concentration in retailing is in the works for both the undergraduate and MBA programs in Wharton. Bill Cody, the managing director of this new Baker Retailing Initiative, said that the retailing secondary concentration will be interdisciplinary, combining marketing, operations, finance and real estate. The initiative is to expand research opportunities in retailing within Wharton through a $10 million gift from Patty and Jay Baker. Cody, a graduate of the College with four and a half years of experience in retail consulting, believes the retail concentration will make students more marketable in their fields. From this crop of young retailers, Reynolds has high goals, hoping that his speech showed that Lord & Taylor is a dynamic business where Penn students can potentially work in the future. Wharton freshman Elizabeth Schweitzer thought that hearing Reynolds speak was a great opportunity and is interested in seeing the retail curriculum develop. Similarly, College sophomore Ashley Harrington attended the speech in order to understand where Lord & Taylor was coming from in its repositioning efforts. "I think you should be able to merge liberal arts and business with fashion," she said.