By: Christopher Mello
Legendary Saks Fifth Avenue Positions itself in the Canadian Market
To all the savvy fashion loving fiends that travel to New York City on a regular bases for shopping brand names unknown to Toronto, give it up. One of the world’s largest names, Saks Fifth Avenue was bought out by one of our very own bricks and mortar, The Hudson Bay Company. Saks Fifth Avenue, regularly associated as one of the must stops on almost every persons “to do list” when visiting the bustling, show stopping city of New York can now be put to an end. The now 115-year-old company, with 42 locations world wide, carrying luxury goods from apparel, jewelry, footwear, handbags, furniture, etc has been sold to the Canadian company The Hudson Bay for $4.2-billion.
Saks generates a yearly revenue of $ 2.786 billion, meaning this luxury goods department store is well associated with its name, which in time is the exact fit for the Canadian market place, since the Canadian dollar is rising along with its economy. Not to mention with the new positioning of Saks in Toronto, this will draw in more tourists to the city, which translates more money for the Canadian economy.
Rumors have it that Saks will be placed at The Hudson Bay location of Yonge and Bloor, meaning the store will be bigger then the Holt Renfrew flagship store, just down the street. Could this be a problem, especially since other stores like Nordstorm will be positioning itself in the Canadian market? Only time can fully tell, but until then all we can do is enjoy the fact that we as Canadians can say “our country owns Saks Fifth Avenue”.