WeWork Venture to Buy Lord & Taylor's Flagship Store

Lord & Taylor is selling its flagship New York City store for $850 million, a move that will convert most of the landmark building into office space and the headquarters of real estate startup WeWork Cos.

The transaction, part of an effort by Lord & Taylor’s parent Hudson’s Bay Co. to reduce its debt, is the most dramatic sign of how even grand stores are giving way to more profitable uses. As fewer people visit stores and more shopping shifts online, retailers from Macy’s Inc. to Sears Holdings Corp. are trying to...