Why Richard Baker Is Banking on WeWork to Help HBC Lure Millennials

Every retailer is working overtime to lure the lucrative millennial consumer into their stores — and Richard Baker thinks he might have found the answer.
The much-buzzed about governor and executive chairman of Hudson’s Bay Company made a surprise appearance at the WWD summit today in New York, just hours after HBC announced it would sell its Lord & Taylor flagship to We Work, which operates co-working and shared office spaces and caters to millennial consumers.
The $850 million sale, which allows a downsized Lord & Taylor to remain in its current space, is part of a larger deal between HBC and We Work — and comes just days after reports surfaced that Lord & Taylor is teaming with Walmart.com on a major e-commerce deal.
Baker dreamed up the idea with We Work co-founder Adam Neumann, who is dramatically expanding his own company, now valued at $20 billion, according to Baker.
Richard Baker
“We spent a lot of time, in a lot of meetings and a lot of walks around the world talking about the future of retail and the future of millennial behavior,” Baker told the summit crowd. “One of the conclusions we came to is that retail needs to be exciting and interesting

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