Expect 7 New Saks store in Canada very soon
With news swirling about Hudson’s Bay’s newest purchase, consumers are wondering how Saks coming to Canada will actually play out. According to our friends Retail-Insider, HBC’s CEO Richard Baker says he expects to see 7 Saks Fifth Avenue stores to open in Canada, and he wants them to open fast! The article eludes to the fact that the quickest and most cost effective way to bring Saks to the Canadian market is to open Saks within existing Hudson’s Bay stores.
This strategy makes the most sense. HBC already has thousands of square feet in established malls across Canada, it wouldn’t be entirely feasible to start opening up free standing Saks stores. We agree with Retail-Insider in the fact that it would make more sense to utilize under performing space in the Bay and convert it to Saks space. It is estimated that each square foot in the Bay drives about $200 in revenue, Saks could bring in three times that or more if received well by the Canadian public.