Bonwit Teller

Bonwit Teller's 1990 liquidation ended 95 years of luxury retail and was precipitated by Trump Organization's 1980 demolition of its Art Deco treasures. The upscale store's closure exemplifies how luxury retail faces double pressure—from discount retailers below and ultra-luxury above. Like a species in the middle of an evolutionary arms race, Bonwit couldn't out-discount the discounters or out-luxury the luxury specialists.