Can Vancouver support another high end retail giant?
NYC-based Saks Fifth Avenue could be purchased by The Hudson’s Bay Company (“HBC”) according to Women’s Wear Daily. This could pave the way for Saks Fifth Avenue’s opening stores in Canada, according to HBC CEO Richard Baker. Saks has already been eyeing Canadian store space.
Baker says that some Hudson’s Bay stores could be converted to Saks stores. We are analyzing Hudson’s Bay store locations and we’ll provide an update on what stores we feel could become Saks locations. Saks could also occupy store space within existing Hudson’s Bay stores.
Last year HBC was in negotiations with American retailer Bloomingdale’s to open stores in Canada. The deal fell through and HBC now appears to be seeking a similar strategic alliance, this time with Saks. Stay tuned….