Lord & Taylor, which has been in the Monmouth Mall since 1990, will be closing its doors in January 2019 after nearly 60 years.
In February 2016, Kushner Companies, which is the owner of Monmouth Mall, announced conceptual plans to redevelop the mall into a pedestrian-friendly live-work-play environment. The development will come at a cost of about a half a billion dollars. The new mall will be renamed to be Monmouth Town Center or the Heights at Monmouth, which will include a different tenant mix, including a hotel, a residential component and outdoor plaza along with bike and pedestrian friendly green spaces.
Lord & Taylor will close as many as 10 stores within the next few months. For the Monmouth Mall employees, the company will attempt to find jobs for all of its 124 employees at its other locations.
Lord & Taylor had to notify the New Jersey State Department of Labor at least 60 days in advance of any planned mass layoff.
According to reports, there are a total of 13 Lord & Taylor stores in New Jersey, which has a total of 50 stores throughout the nation, most of which are on the East Coast.
The Monmouth Mall opened on March 1, 1960, as a 600,000-square-foot, 14-building, 50-store open-air center, originally called “Monmouth Shopping Center.” It was built on what was then a farm owned by the Valentino Family of the nearby city of Long Branch, New Jersey. Original anchors of the mall consisted of Bamberger’s (at that time a subsidiary of Macy’s) and Montgomery Ward. After pulling out of New Jersey, Montgomery Ward became Alexander’s in 1975. The mall was enclosed and expanded to its current size in 1975.