Saks Fifth Avenue

Last updated

Saks Fifth Avenue
Company type Subsidiary
Industry Retail
Founded1867(158 years ago) (1867)
Founder Andrew Saks
Headquarters
New York City, New York
,
United States
Number of locations
  • 42
Areas served
Key people
Marc Metrick (president, 2015)
Parent
Website saksfifthavenue.com
Footnotes /references
[1] [2] [3] [4] [5]

Saks Fifth Avenue (originally Saks & Company; colloquially Saks) is an American luxury department store chain founded by Andrew Saks and headquartered in New York City. The original Saks opened in the F Street shopping district of Washington, D.C. in 1867. Saks expanded into Manhattan with its Herald Square store in 1902 and flagship store on Fifth Avenue in 1924. The chain was acquired by Tennessee-based Proffitt's, Inc. (renamed Saks, Inc.) in 1998, and Saks, Inc. was acquired by the Toronto-based Hudson's Bay Company in 2013. [6] [7] With the establishment of HBC's American division Saks Global in 2024, it is sister brands with department stores Bergdorf Goodman and Neiman Marcus. [8] [9] Saks Off 5th, originally a clearance store for Saks Fifth Avenue, is now a large off-price retailer in its own right. [10] [11]

Contents

History

Saks & Co.

Saks & Co. Indianapolis, 1906 Saks Building Indianapolis, 1906, one year after Andrew Saks big renovation.png
Saks & Co. Indianapolis, 1906

Andrew Saks was born to a German Jewish family, in Baltimore, Maryland. He worked as a peddler and paper boy before moving to Washington, D.C., where at the age of only 20, and in the still-chaotic and tough economic times of 1867, two years after the United States prevailed in the American Civil War, he established a men's clothing store [12] with his brother Isadore. [13] [14] A. Saks & Co. occupied a storefront in the Avenue House Hotel building at 517 (300–308) 7th Street, N.W., in what is still Washington's downtown shopping district. Saks offered his goods at one price only, no bargaining, and offered refunds on merchandise returns, neither of which were the more common practice at that place and time.[ citation needed ] Saks was also known for its "forceful and interesting, but strictly truthful" newspaper advertising, according to the Washington Evening Star , including a two-page spread, large for that time, in that newspaper on April 4, 1898. Saks annexed the store next door, and in 1887 started building a large new store on the site of the old Avenue Hotel Building at 7th and Market Space (now United States Navy Memorial Plaza). [15]

By 1896, Saks and Co. had stores in Norfolk and Richmond, Virginia; New York City; and Indianapolis, in addition to Washington, D.C., where, Saks called itself "Washington's Wonderful Store". [16]

Saks opened a very large store in 1902 in New York City's Herald Square on 34th Street and Broadway. [15] [17] : 2  Andrew Saks ran the New York store as a family business with his brother Isadore, and his sons Horace and William.[ citation needed ] Andrew Saks died in 1912 and his son Horace took over the company's management. [17] : 2 

Saks and Co. and Kann's, NW corner of 7th St. and Pennsylvania Av., Washington, D.C., 1920. Saks and Co., Washington D.C. 1920 01.jpg
Saks and Co. and Kann's, NW corner of 7th St. and Pennsylvania Av., Washington, D.C., 1920.

Saks Fifth Avenue

In 1923, Saks & Co. merged with Gimbel Brothers, Inc., which was owned by a cousin of Horace Saks, [18] Bernard Gimbel, operating as a separate autonomous subsidiary. On September 15, 1924, Horace Saks and Bernard Gimbel opened in the Saks Fifth Avenue Building at 611 Fifth Avenue, with a full-block avenue frontage south of St. Patrick's Cathedral, facing what would become Rockefeller Center. [19] The architects were Starrett & van Vleck, who developed a design derived from classical architecture. [17] : 4–5 

SFA Miami Beach on Lincoln Road, 1940 Saks Fifth Avenue, Miami Beach, Florida. LOC gsc.5a04498.jpg
SFA Miami Beach on Lincoln Road, 1940

Resort and university stores

When Bernard's cousin, Adam Gimbel, became president of Saks Fifth Avenue in 1926 after Horace Saks's sudden death, the company expanded, opening seasonal resort branches in Palm Beach (1926), Atlantic City (1927), Lincoln Road in Miami Beach (1929), Southampton on Long Island (1931), Newport, Rhode Island (1935), Sun Valley, Idaho and Westbury, L.I. (1936), and Greenwich, Connecticut (1937). [20]

In 1929, Saks opened its first full-line, year-round flagship store in Chicago, and only six years later moved to a larger location. [20] By the end of the 1930s, Saks Fifth Avenue had a total of 10 stores – the 2 large urban flagships in New York and Chicago, and 8 resort stores.

During World War Two, Saks opened Navy and Army shops in New Haven, Connecticut and Princeton, New Jersey, and after the war turned the small branches into University Shops, catering to the Ivy League communities there. More University Shops would open, one near Harvard in Cambridge, Mass., another in Ann Arbor, Michigan (1960). [20]

New urban flagships

SFA Beverly Hills Saks Fifth Avenue store building (Beverly Hills) 2023 July 02.jpg
SFA Beverly Hills

Saks had already opened two urban flagship stores before the U.S. joined the war: its now-legendary store in Beverly Hills, and in Detroit (1940). After the war, three more downtown stores opened, albeit smaller in scale: Pittsburgh (1949), Philadelphia (1952) and San Francisco (1952) [20] where Saks competed head-on with local luxury champion I. Magnin. [21]

Suburban malls

During the 1950s, the shift from downtown shopping to suburban shopping malls gained momentum. Saks Fifth Avenue's first anchor department store in a mall in 1954, at Sunrise Center, now The Galleria at Fort Lauderdale. A few of the new suburban stores were freestanding in suburbs that had a significant downtown shopping district, such as in White Plains, New York (1954) and both Garden City, Long Island and Surfside, near Miami in 1962. A few were in malls built in downtowns, such as New Orleans, Boston, and Minneapolis. But most new SFA stores, dozens, opened in malls over the decades through the 1990s. [20]

1990s

1992 view of Saks Pavilion, Houston, where SFA operated 1974-1997. Saks Fifth Avenue Pavilion Houston Press Photo 1992.jpg
1992 view of Saks Pavilion, Houston, where SFA operated 1974–1997.

Sunbelt expansion

More expansion followed through in the 1990s particularly into Texas, Florida and California.

California-based I. Magnin closed in 1995, allowing Saks to acquire some of their locations and open in San Diego's Fashion Valley and expand in Carmel. As in the 1950s, the company opened a wave of smaller "Main Street" stores in suburbs with downtown shopping, such as Pasadena, Santa Barbara, and San Diego's La Jolla in California, and in Greenwich, Connecticut, and Charleston, South Carolina. [20]

Sports-themed displays at SFA Houston, 1987 Saks Fifth Avenue Houston Sports Theme To Attract Customers Press Photo 1987.jpg
Sports-themed displays at SFA Houston, 1987

In Texas, Saks acquired 3 Texas locations where Marshall Fields was exiting. In 1997 SFA moved its main Houston store from the Saks Pavilion to The Galleria and added a new location at Town & Country. In the Dallas Galleria, Saks moved within the mall to a larger location. In addition to the former Field's locations, SFA Austin opened in 1997 and Fort Worth in 2000. [22]

In Florida in the 1990s, 7 Saks Fifth Avenue stores opened, for a total of 11 stores by the end of the decade, adding Palm Beach Gardens, [23] Naples, [24] Fort Myers, [25] Orlando, [26] Sarasota, [27] Tampa [28] and doubled the size of its Boca Raton store. [29]

Commercial changes

Also in 1990, the company launched "Saks Off 5th", an outlet store offshoot of the main brand, with 107 stores worldwide by 2016. [30]

In 1998, Proffitt's, Inc. the parent company of Proffitt's and other department stores, acquired Saks Holdings Inc. Upon completing the acquisition, Proffitt's, Inc. changed its name to Saks, Inc. [31] [32]

2000s

Middle East expansion

In November 2001 the first Middle East SFA opened at Kingdom Centre in Riyadh, Saudi Arabia. The store closed in 2012. [33] [34]

In 2005, Saks opened a 80,000 square foot store at the BurJuman Centre in Dubai which closed in 2016; the store was Saks last store in the UAE after failed attempts at expansion. [35]

In 2008, Saks opened its third Middle East store at City Centre Bahrain in Manama, Bahrain. The store has two floors and is 57,000 square feet (5,300 m2) in size. After closing Riyadh and its 2 Dubai stores, it remains Saks' sole store in the Middle East. [36] [37]

Eight US SFA stores close

In 2004, Saks was enjoying an annual sales growth rate of 7.7% on a same-store basis, but was underperforming Neiman Marcus (+17%) and Nordstrom (+10%). In Southern California, analysts said that SFA was "struggling to maintain its cachet" against the two competitors and Bloomingdales. On October 1, Saks announced the closing of 8 underperforming, mostly smaller SFA stores: Pasadena, Palos Verdes, Mission Viejo, La Jolla and Carmel in California, Garden City NY, Hilton Head SC, and Downtown Minneapolis. [38] [39]

Mexico expansion

SFA Polanco (opened 2010, closed 2020) at Plaza Carso Mexico City 2015 Saks Plaza Carso, Museo Jumex, Polanco Mexico City Nov 2015.jpg
SFA Polanco (opened 2010, closed 2020) at Plaza Carso Mexico City 2015

In November 2007, Grupo Sanborns, part of billionaire Carlos Slim's corporate empire, secured a franchise and opened the first SFA store in Mexico, on the affluent far west side of Mexico City at Centro Santa Fe, that country's largest mall. The store closed in 2022. [40] Another store opened in the affluent urban neighborhood of Polanco at Plaza Carso in 2010, but it closed in October 2020. [41] [42] [43] [44] [45]

Commercial strategies

In August 2007, the United States Postal Service began an experimental program selling the plus ZIP code extension to businesses. The first company to do so was Saks Fifth Avenue, which received the ZIP code of 10022-7463 ("SHOE", on a U.S. touch-tone keypad) for the eighth-floor shoe department in its flagship Fifth Avenue store. [46]

During the 2007–2009 recession, Saks had to cut prices and profit margins, thus according to Reuters "training shoppers to expect discounts. It took three years before it could start selling at closer to full price". [47] [48] [49] [50] [51] [52]

2010s

In 2012, Saks licensed its first store in Central Asia, in Almaty, Kazakhstan, at the then-new Esentai Mall, together with boutiques of international luxury brands. SFA Almaty is 3 floors tall and 91,000 square feet (8,500 m2) in size. [53] [54] [55]

In 2012, the Riyadh franchise store, owned by Prince Al Waleed bin Talal Al Saud, closed after the licensing agreement expired. [33] [34]

As of 2013, the New York flagship store, whose real estate value was estimated between $800 million and over $1 billion at the time, generated around 20% of Saks' annual sales at $620 million, with other stores being less profitable according to analysts. [47] [56]

On July 29, 2013, Canada-based Hudson's Bay Company (HBC), the oldest commercial corporation in North America and owner of the competing chain Lord & Taylor, announced it would acquire Saks Fifth Avenue's parent company for US$2.9 billion. [57]

SFA Brickell, Miami, opened 2016 Saks Fifth Avenue Brickell City Centre 24 August 2023 - 1.jpg
SFA Brickell, Miami, opened 2016

Canada expansion plans were drafted, calling for up to seven SFA stores across the country, of which three eventually opened. In February 2016, it opened a 150,000 sq ft (14,000 m2) Saks Fifth Avenue in downtown Toronto, in a section carved out of the building housing the flagship of its namesake department store, Hudson's Bay Company, connected by sky bridge to the largest downtown mall, Eaton Centre. [58] A second Greater Toronto location opened at Sherway Gardens shortly thereafter. [59] And in February 2018, its third Canadian store opened in Calgary at Chinook Centre. [60]

In 2015 Saks began a $250 million, three-year restoration of its Fifth Avenue flagship store. [61] In October 2015, Saks announced a new location in Greenwich, Connecticut. [62] [63] In autumn 2015, Saks announced it would replace its existing store at the Houston Galleria with a new store. [64] [65] [66] [67]

2020s

2021

On January 15, 2021, Saks Fifth Avenue unveiled a 54,000-square-foot (5,000 m2) space on the fifth floor of its New York flagship, branded Barneys at Saks. The collaboration is aimed at continuing Barneys New York tradition of unearthing and promoting emerging designers. [68]

On January 25, SFA launched the first standalone Barneys at Saks store in a 14,000-square-foot (1,300 m2) location in Greenwich, Connecticut. This marked the first time Saks had offered men's clothing and furnishings in that market. [69]

In March, HBC and growth capital investor, Insight Partners, established Saks Fifth Avenue's ecommerce business as a stand-alone entity, known as "Saks". Insight Partners made a $500 million minority equity investment in Saks. The retailer's 39-store fleet operates separately as an entity referred to as "SFA," which remains wholly owned by HBC. At the time of the separation, HBC named Marc Metrick, CEO of Saks, the ecommerce business. Metrick was previously president of Saks Fifth Avenue since 2015. [9] [70]

In April, Saks announced that it would close all 27 of its fur salons, among which New York, Boston, Philadelphia and Beverly Hills, by the end of January 2022. The company also said that by January 2023, it would stop sales of products made from fur of wild animals or from animals raised for their fur. [71]

In August, the company announced a collaboration with WeWork to convert some SFA spaces to co-working locations. [72]

2022

In June 2022, Saks announced that it would convert the original 1938 store building in Beverly Hills, 9600 Wilshire, into offices and apartments. SFA Beverly Hills continues to operate from the former I. Magnin and Barneys buildings, which had previously been incorporated into the store complex. [73]

In August of the same year, Grupo Sanborns announced that in 2023, it would close its SFA franchise store at Centro Santa Fe in Mexico City, the only store still operating in Mexico after the closure of the Polanco store two years earlier. [74] A branch of Sears Mexico, also part of Grupo Sanborns, was to replace it, and staff were to be retained. [75] [45]

2024

In July 2024 Saks announced that it planned to acquire rival retailer Neiman Marcus in a reported $2.65 billion merger. [76]

In 2005, vendors filed against Saks alleging unlawful chargebacks. The U.S. Securities and Exchange Commission (SEC) investigated the complaint for years and, according to the New York Times, "exposed a tangle of illicit tactics that let Saks... keep money it owed to clothing makers", inflating Saks' yearly earnings up to 43% and abusively collecting around $30 million from suppliers over seven years. [77] Saks settled with the SEC in 2007, after firing three or more executives involved in the fraudulent activities. [77] [78]

In 2014, Saks fired transgender employee Leyth Jamal after she was allegedly "belittled by coworkers, forced to use the men's room and repeatedly referred to by male pronouns (he and him)". [79] [80] After Jamal submitted a lawsuit for unfair dismissal, the company stated in a motion to dismiss that "it is well settled that transsexuals are not protected by Title VII of the Civil Rights Act of 1964." [79] [80] [81] In a court filing, the United States Department of Justice rebuked Saks' argument, stating that "discrimination against an individual based on gender identity is discrimination because of sex." [82] The Human Rights Campaign removed the company from its list of "allies" during the controversy. [79] [80] [81] The lawsuit was settled out of court with undisclosed terms. [82]

In 2017, following the events of Hurricane Maria in Puerto Rico, Saks's San Juan store in Mall of San Juan suffered major damages along with its neighboring anchor store Nordstrom. Taubman Centers, the company which owns the mall, filed a lawsuit against Saks for failing to provide an estimated reopening date and failing to restore damages after the hurricane due to a binding contract. [83] [84] Although Nordstrom reopened on November 9, 2018, [85] Saks Fifth Avenue vacated The Mall of San Juan after two years of litigation. [86]

Notable locations

Saks–34th Street

The Herald Square Saks & Co. store in 1903, behind the 33rd Street station Broadway and 33rd.jpg
The Herald Square Saks & Co. store in 1903, behind the 33rd Street station
The footbridge that connected Gimbel's to Saks 34th St. 33rd Street Bridge.jpg
The footbridge that connected Gimbel's to Saks 34th St.

Saks-34th Street was a fashion-focused middle market department store at 1293-1311 Broadway on Herald Square. The building, built in 1902, had seven stories and was designed by Buchman & Fox. [87] The store was spun off from Saks & Company when that upscale retailer moved to Fifth Avenue, a location that Saks Fifth Avenue maintains to this day. [88] The newly renamed Saks-34th Street was sold to Bernard F. Gimbel, [87] and became a part of the New York division of Gimbels (later Manhattan Mall), and a sky bridge across 33rd Street connected the second floors of both flagship buildings. [89] In the 1947 movie Miracle on 34th Street the facade of Saks-34th Street is shown in a scene that focuses on the Gimbel's flagship store. Branch locations were opened around the greater New York area. The store closed in 1965, citing poor layouts, no escalators, a confused identity, and outdated facade. [87] After Gimbels decided to close the division, the first floor of the building was used as a Christmas season annex for Gimbel's before being sold to the E. J. Korvettes chain. [90] [91] After the demise of the Korvette's chain the building was remodeled into the Herald Center, in 1985. As of 2016 the primary tenant is H&M, following another remodel. [92]

Beverly Hills

The original Saks Fifth Avenue store in Beverly Hills, California, at 9600 Wilshire Boulevard, was designed by the architectural firm Parkinson and Parkinson, with interiors by Paul R. Williams. [93] [94] The store opened in 1938. [95] The store was immediately successful upon opening and it would subsequently expand to almost 74,000 square feet (6,900 m2) and employ 500 people. [96] Williams created an interior reminiscent of his designs for luxurious private residences, with rooms lit by indirect lamps and footlights focused on the clothes. [93] New departments for furs, corsets, gifts and debutante dresses were added in the 1940 expansion. [96]

The store relocated to the adjacent 9570 Wilshire Boulevard in 2024, and the original location will be converted into a mixed-use development by Hudson's Bay Company. [97]

Related Research Articles

<span class="mw-page-title-main">Hudson's Bay Company</span> Canadian retail business group and former fur trading business

The Hudson's Bay Company is a Canadian holding company of department stores, and the largest and oldest corporation in Canada. As of December 2024, HBC has a Canadian division responsible for the namesake Hudson's Bay department stores, and an American division that includes the full-line luxury stores Bergdorf Goodman, Neiman Marcus, and Saks Fifth Avenue; the off-price department stores Neiman Marcus Last Call and Saks Off 5th; and the home furnishings website Horchow. It also owns or manages approximately 3.7 million square metres of gross leasable real estate through its HBC Properties and Investments business unit.

<span class="mw-page-title-main">Hudson's Bay (department store)</span> Canadian department store chain

Hudson's Bay, also known as The Bay, is a Canadian department store chain. It is the flagship brand of the Hudson's Bay Company (HBC), the oldest and longest-surviving company in North America as well as one of the oldest and largest continuously operating companies in the world.

<span class="mw-page-title-main">The Galleria</span> Shopping mall in Texas, United States

The Galleria, stylized theGalleria and also known as the Houston Galleria, is an upscale mixed-use urban development and shopping mall located in the Uptown District of Houston, Texas, United States. The development consists of a retail complex, as well as the Galleria Office Towers complex, two Westin hotels, and a private health club. The office towers and hotels are separately owned and managed from the mall. It features Macy's, Nordstrom, Neiman Marcus, Dillard's, Saks Fifth Avenue, and Lord & Taylor.

<span class="mw-page-title-main">Simpsons (department store)</span> Canadian department store chain

The Robert Simpson Company Limited, commonly known as Simpson's until 1972, then as Simpsons, and in Quebec sometimes as Simpson, was a Canadian department store chain that had its earliest roots in a store opened in 1858 by Robert Simpson.

<span class="mw-page-title-main">Lord & Taylor</span> American department store since 1826

Lord & Taylor was the oldest-surviving department store chain in the United States. The company operated full-line department stores from 1826 until it filed for bankruptcy in 2020. The following year, in 2021, it closed all its brick-and-mortar stores. Saadia Group acquired the Lord & Taylor intellectual property and relaunched the e-commerce website later that same year. However, due to financial challenges, Saadia went into default in March 2024. In September 2024, Regal Brands Global acquired the Lord & Taylor intellectual property.

<span class="mw-page-title-main">Gimbels</span> American department store

Gimbel Brothers was an American department store corporation that operated for over a century, from 1842 until 1987. Gimbel patriarch Adam Gimbel opened his first store in Vincennes, Indiana, in 1842. In 1887, the company moved its operations to the Gimbel Brothers Department Store in Milwaukee, Wisconsin. It became a chain when it opened a second, larger store in Philadelphia, Pennsylvania, in 1894, moving its headquarters there. At the urging of future company president Bernard Gimbel, grandson of the founder, the company expanded to New York City in 1910.

<span class="mw-page-title-main">2 Bloor East</span> Building in Toronto, Ontario

2 Bloor East is an office and retail complex in Toronto, Ontario, Canada, formerly known as the Hudson's Bay Centre. It is located in Downtown Toronto at the intersection of Yonge Street and Bloor Street at the east end of the Mink Mile. Brookfield Properties owns and operates the centre. The centre is composed of a 35-storey office tower and a retail concourse. From its opening in 1974 until 2022 it had a Hudson's Bay department store as its anchor store.

<span class="mw-page-title-main">The Galleria at Fort Lauderdale</span> Shopping mall in Florida, United States

The Galleria at Fort Lauderdale is an upscale super regional shopping mall on Sunrise Boulevard in Fort Lauderdale, Florida. It was originally constructed in 1954 as the open-air shopping mall the Sunrise Center.

<span class="mw-page-title-main">L. L. Berger</span> Former high-end department store in Buffalo, NY, USA

L. L. Berger was a high-end department store based in Buffalo, New York. The family owned store was started by Louis L. Berger in 1905, at 500 Main Street. The company grew through the next two decades and opened its flagship store at 514 Main Street on February 4, 1929. The first suburban branch opened in 1953, at Thruway Plaza in Cheektowaga, New York, followed in 1960, with a location at Sheridan Plaza, in Tonawanda (Town), New York. At the death of its founder in 1967, the L. L. Berger company was "compared in fashion retailing to Saks Fifth Avenue and Lord and Taylor in New York, I. Magnin in San Francisco, and Neiman Marcus in Dallas." Expansion continued with stores opening in 1969, at the Seneca Mall, in West Seneca, New York and 1970, at the Northtown Plaza in Amherst, New York. Additional stores opened in 1975, at the Lockport Mall, in Lockport, New York; in 1982 at the Transitown Plaza in Clarence, New York; in 1988 at the McKinley Mall, in Hamburg, New York; and in 1989 at the Walden Galleria in Cheektowaga, New York. A second Buffalo location opened at 510 Elmwood Avenue in the early 1980s. The company filed Chapter 11 bankruptcy in 1991. In the early 2000s the flagship store was renovated to be upscale apartments and commercial space.

<span class="mw-page-title-main">Neiman Marcus</span> American department store chain

Neiman Marcus is an American department store chain founded in 1907 in Dallas, Texas by Herbert Marcus, his sister Carrie Marcus Neiman, and her husband Abraham Lincoln Neiman. Since 2024 it has been owned by Saks Global, the American division of the Hudson's Bay Company.

<span class="mw-page-title-main">Neiman Marcus Group</span> American department store holding company

Neiman Marcus Group was an American holding company of department stores. It was established after holding company Carter Hawley Hale spun-off several of the department store chains it owned in 1987. At the time of its acquisition by Toronto-based Hudson's Bay Company in 2024, it owned the full-line luxury stores Bergdorf Goodman and Neiman Marcus ; off-price store Neiman Marcus Last Call; and home furnishings website Horchow.

Richard Alan Baker is an American business executive. He is the Governor, CEO, and Executive Chairman of Hudson's Bay Company (HBC) and executive chairman of each of HBC's eight portfolio companies. He is also the owner of National Realty and Development Corp. (NRDC), a US-based private real estate development and investment company, and is the Chairman of the Retail Opportunity Investments Corp. (ROIC), a public real estate company.

<span class="mw-page-title-main">Saks Off 5th</span> American off-price department store chain

Saks OFF 5TH, formerly Saks Fifth Avenue Off 5th, is an American off-price department store chain founded in 1990, and a sister brand to the luxury department store chain Saks Fifth Avenue. Both chains were owned by holding company Saks, Inc. until its acquisition by the Canadian-founded Hudson's Bay Company in 2013. Saks Off 5th grew throughout the United States before expanding into Canada in 2016. It competes with off-price department stores including Burlington, Macy's Backstage, Nordstrom Rack, Ross Dress for Less, and the TJX Companies.

<span class="mw-page-title-main">9600 Wilshire Boulevard</span>

9600 Wilshire Boulevard is a building located within the Golden Triangle business district of Beverly Hills, California. It housed a Saks Fifth Avenue department store from its completion in 1938, and was considered a second flagship store by the company, after the flagship store in New York City. The store relocated to the adjacent 9570 Wilshire Boulevard in 2024, and the original location will be converted into a mixed-use development by Hudson's Bay Company.

<span class="mw-page-title-main">Saks Fifth Avenue flagship store</span> Department store in Manhattan, New York

The Saks Fifth Avenue flagship store is a department store on Fifth Avenue between 49th and 50th Streets in Midtown Manhattan, New York City. The original 10-story structure at 611 Fifth Avenue has served as the flagship store of Saks Fifth Avenue since its completion in 1924. The store also occupies part of 623 Fifth Avenue, a 36-story tower completed in 1990.

<span class="mw-page-title-main">SaksWorks</span> American coworking space provider

SaksWorks is an American coworking space provider and sister brand to the Saks Fifth Avenue department store chain, both of which are based in New York City and owned by Hudson's Bay Company (HBC). The concept was conceived amid the COVID-19 pandemic to redevelop the former Lord & Taylor brick-and-mortar locations. The first SaksWorks facilities opened within the New York metropolitan area in September 2021.

<span class="mw-page-title-main">9570 Wilshire Boulevard</span> Building in California, United States

9570 Wilshire Boulevard is a building located within the Golden Triangle business district of Beverly Hills, California. It originally housed a Barneys New York department store from 1994 until 2020, and has housed a Saks Fifth Avenue department store since 2024. It is considered a second flagship store by the company, after the flagship store in New York City.

Saks Fifth Avenue Center of Fashion, later Pavilion Saks Fifth Avenue, then Pavilion at Post Oak, was a shopping center in Uptown Houston open from 1974 through 2007, originally centered around a large 240,000 sq ft (22,000 m2) Saks Fifth Avenue store which closed in 1997. The mall struggled after losing Saks, but continued to operate for ten more years, and finally closed in 2007. The Pavilion mall was demolished and the site is now part of the BLVD Place mixed-use development.

Saks Global is the American division of the Canadian holding company Hudson's Bay Company, founded in July 2024. It is also the successor to the Neiman Marcus Group, which was acquired by HBC in December 2024.

References

  1. ↑ President of Saks Steps Down. The New York Times. Retrieved on April 3, 2015.
  2. ↑ Patino, Alexander (October 16, 2014). "Saks Fifth Avenue Opens Its 40th Store in Sarasota, FL". Saks POV. Archived from the original on November 17, 2015. Retrieved December 20, 2019.
  3. ↑ "International Store Locations". Archived from the original on September 5, 2015. Retrieved December 20, 2019.
  4. ↑ Kapner, Suzanne (October 25, 2015). "Lord & Taylor Jumps Into Discount Game" . The Wall Street Journal . Retrieved December 20, 2019.
  5. ↑ Pequeño IV, Antonio (December 23, 2024). "Saks Global Inks $2.7 Billion Acquisition Of Neiman Marcus In Amazon-Backed Deal". Forbes . Retrieved December 24, 2024.
  6. ↑ "Store Locations and Events". Saks Inc. Archived from the original on May 21, 2014. Retrieved May 21, 2014.
  7. ↑ "About Us". Saks Fifth Avenue. Retrieved May 21, 2014.
  8. ↑ IV, Antonio Pequeño. "Saks Global Inks $2.7 Billion Acquisition Of Neiman Marcus In Amazon-Backed Deal". Forbes . Retrieved December 25, 2024.
  9. 1 2 Moin, David (March 5, 2021). "Saks Fifth Avenue Stores and Website Split into Separate Companies". www.wwd.com.
  10. ↑ Howland, Daphne (February 11, 2020). "Nordstrom Rack vet to lead Saks Off 5th". Retail Dive. Saks opened Off 5th in 1990 as a merchandise clearinghouse, but has also expanded since then…HBC's three distinct retail businesses,
  11. ↑ Wilson, Marianne (February 22, 2019). "Up to 20 Saks Off 5th stores to close". Chain Store Age.
  12. ↑ Gardner, Mark L. "What's in a Name?—A Brief History of Saks Fifth Avenue". Archived from the original on February 12, 2014. Retrieved January 27, 2014.
  13. ↑ "Mauranna G. Lynn Is Engaged To Christopher Andrew Saks". The New York Times . February 15, 1976.
  14. ↑ "" Saks Fifth Avenue historical timeline", Hudson's Bay Company website". Archived from the original on March 23, 2020. Retrieved August 21, 2020.
  15. 1 2 "Now Forty Years Old: Saks Firm to Celebrate Anniversary This Week: History in the Making: House Has Kept Pace with Washington's Growth: From Johnson's Time to Now: Souvenir Booklet Distribution the Feature of Quiet and Dignified Birthday Celebrations". Washington Evening Star. September 30, 1907. p. 10.
  16. ↑ "Ad for Saks & Company". Washington Times. March 28, 1897. p. 6.
  17. 1 2 3 "Saks Fifth Avenue" (PDF). New York City Landmarks Preservation Commission. December 20, 1984. Retrieved December 6, 2019.
  18. ↑ Block, Maxine; Rothe, Anna Herthe; Candee, Marjorie Dent (1951). Current Biography Yearbook. H. W. Wilson Co. p. 173.
  19. ↑ "Saks & Company Open New Store To Public To-day" . New York Herald Tribune. September 15, 1924. p. 16. ProQuest   1113137105 . Retrieved February 19, 2021– via ProQuest.
  20. 1 2 3 4 5 6 See citations at Timeline of Saks Fifth Avenue branches
  21. ↑ Zinko, Carolyne (December 4, 2003). "Eileen Denari Ludwig -- S.F. civic leader". San Francisco Chronicle . Retrieved July 31, 2016.
  22. ↑ "Saks Appeal (box "Saks in Texas")". Fort Worth Star-Telegram. September 15, 1999. Retrieved October 30, 2023.
  23. ↑ Giovis, Jaclyn (May 13, 2008). "Saks Quits Galleria". South Florida Sun Sentinel. p. 41. Retrieved November 1, 2023.
  24. ↑ Bartley, Jaynie (September 1, 2022). "THIRTY AND THRIVING Naples' go-to shopping center celebrates 30 years, with new legacy retailers and renovated storefronts". Gulfshore Life. Retrieved October 23, 2023.
  25. ↑ Mitchell, Annie (November 7, 1996). "Store adapts to need". News-Press (Fort Myers, Florida). p. 10. Retrieved November 1, 2023– via Newspapers.com.
  26. ↑ "Rivals say Saks will be good for business". The Orlando Sentinel. November 18, 1996. p. 6. Retrieved November 1, 2023.
  27. ↑ Albright, Mark (November 15, 1996). "Saks opening in Sarasota". Tampa Bay Times. Retrieved October 31, 2023.
  28. ↑ Albright, Mark (November 11, 1998). "Saks will dress up upscale in bay area". Tampa Bay Times. p. 45. Retrieved November 1, 2023.
  29. ↑ Moin, David (October 19, 1999). "Saks Doubles Space at New Boca Raton Locatiin". WWD. Retrieved November 8, 2023.
  30. ↑ Sherman, Lauren (September 19, 2016). "With Gilt, Hudson's Bay Company Bets Big on Off-Price". The Business of Fashion. Retrieved February 19, 2017.
  31. ↑ Berner, Robert; Ono, Yumiko (July 6, 1998). "Proffitt's to Acquire Saks Holdings In $2.14 Billion Stock Transaction". The Wall Street Journal. ISSN   0099-9660 . Retrieved October 24, 2019.
  32. ↑ "History of Saks Inc". Funding Universe. Retrieved October 24, 2019.
  33. 1 2 "Saks Fifth Avenue to Exit Saudi Arabia". Visual Merchandising and Store Design . October 24, 2012. Retrieved October 30, 2022.
  34. 1 2 "Saks Fifth Avenue to Leave Riyadh". Vogue Arabia. Retrieved October 30, 2022.
  35. ↑ Anand, Shitika (April 11, 2016). "Saks Fifth Avenue in Dubai to close". Time Out. Archived from the original on October 30, 2022. Retrieved October 30, 2022.
  36. ↑ "Saks opens store in Bahrain". Chain Store Age. November 9, 2008. Retrieved October 30, 2022.
  37. ↑ "Saks Fifth Avenue Mobile". www.saksfifthavenue.com. Retrieved October 30, 2022.
  38. ↑ Earnest, Leslie (October 2, 2004). "Saks to Shutter 11 Stores, Including 5 in California". Los Angeles Times. Retrieved October 30, 2023.
  39. ↑ "Saks to close stores in S.C., other states". Columbia, S.C.: The State. October 2, 2004. p. 69. Retrieved October 30, 2023.
  40. ↑ "Saks Fifth Avenue Says Goodbye to Mexico". Vallarta Daily. August 16, 2022.
  41. ↑ "Formatos de Negocios ("Business Formats")". Grupo Sanborns (in Spanish). Retrieved October 29, 2023.
  42. ↑ "Saks Fifth Avenue debuts in Mexico". Chain Store Age. Retrieved October 30, 2022.
  43. ↑ "Saks Fifth Avenue Mobile". www.saksfifthavenue.com. Retrieved October 30, 2022.
  44. ↑ "Saks Expands Presence in Mexico City". Visual Merchandising and Store Design. October 21, 2010. Retrieved October 30, 2022.
  45. 1 2 MX, FashionNetwork com. "Saks Fifth Avenue cerrará sus puertas en México el próximo octubre". FashionNetwork.com (in Mexican Spanish). Retrieved October 30, 2022.
  46. ↑ "Saks department gets own ZIP code: 10022-SHOE". USA Today . Associated Press. May 24, 2007. Retrieved May 21, 2014.
  47. 1 2 Wahba, Phil; Ho, Solarina (July 29, 2013). "Hudson's Bay CEO bets big on department stores with Saks buy". Reuters. Retrieved July 31, 2016.
  48. ↑ Nguyen, Hang (October 13, 2010). "Saks to soon close O.C. department store". The Orange County Register . Retrieved July 31, 2016.
  49. ↑ Moore, Paula (January 5, 2011). "Saks Fifth Avenue's Denver store to close". Denver Business Journal . Retrieved May 21, 2014.
  50. ↑ Gough, Paul J. (January 19, 2012). "Saks Fifth Avenue Downtown to close March 17". Pittsburgh Business Times . Retrieved May 21, 2014.
  51. ↑ Shropshire, Corilyn (September 13, 2012). "Saks to close after the holidays". Chicago Tribune . Retrieved July 31, 2016.
  52. ↑ "Saks Fifth Avenue To Close Store in Dallas". Retail Facility Business. February 4, 2013. Archived from the original on October 29, 2013. Retrieved May 21, 2014.
  53. ↑ "Saks Fifth Avenue Has Opened Its First Store In Kazakhstan". Business Insider. Retrieved October 30, 2022.
  54. ↑ US, FashionNetwork com. "Saks Fifth Avenue arrives in Kazakhstan". FashionNetwork.com. Retrieved October 30, 2022.
  55. ↑ "Saks Fifth Avenue Mobile". www.saksfifthavenue.com. Retrieved October 30, 2022.
  56. ↑ Pasquarelli, Adrianne (July 29, 2013). "Saks' flagship adds $1B punch to purchase". Crain's New York Business. Retrieved December 20, 2019.
  57. ↑ Lewis, Michael (July 29, 2013). "Hudson's Bay rolls the dice on Saks". Toronto Star . Retrieved May 21, 2014.
  58. ↑ Strauss, Marina (May 16, 2018). "Saks braces for battle in Canada's crowded luxury fashion market". The Globe and Mail. Toronto. Retrieved December 20, 2019.
  59. ↑ Strauss, Marina (January 27, 2014). "Tycoon shows his real estate savvy with sale of Hudson's Bay store". The Globe and Mail . Retrieved May 27, 2014.
  60. ↑ Strauss, Marina (May 11, 2018). "Saks Fifth Avenue set to land in Calgary this month". The Globe and Mail.
  61. ↑ Tabuchi, Hiroko (November 14, 2015). "Saks Is Shaking Off Retail Gloom With a Fifth Avenue Face-Lift". The New York Times. Retrieved January 31, 2018.
  62. ↑ "Saks Fifth Avenue Signs Lease for a Location in Greenwich, Connecticut" (Press release). Hudson's Bay Company. October 18, 2015. Retrieved December 20, 2019– via Business Wire.
  63. ↑ Krasselt, Kaitlyn (October 5, 2015). "Saks signs lease for third Greenwich property". Greenwich Time . Retrieved December 20, 2019.
  64. ↑ "Saks Fifth Avenue To Relocate Its Flagship Store At The Houston Galleria" (Press release). Simon Property Group . Retrieved December 20, 2019– via PR Newswire.
  65. ↑ "Saks acts as cornerstone of Houston Galleria's $250M transformation". Luxury Daily. February 26, 2015. Retrieved December 20, 2019.
  66. ↑ "Lauren Sherman, "Inside the Reinvention of Saks Fifth Avenue", BoF, September 6, 2016".
  67. ↑ "Marianne Wilson, "Saks Fifth Avenue to exit Brookfield Center", Chain Store Age, 12/17/2018".
  68. ↑ "Saks Fifth Avenue Breathes New Life into Barneys New York". January 15, 2021.
  69. ↑ "Barneys is Back, via Saks Fifth Avenue, in New York and Connecticut". January 20, 2021.
  70. ↑ Moin, David (February 23, 2023). "After a Run of Quarterly Gains, Saks Tempers Its 2023 Outlook". WWD.
  71. ↑ Palash Ghosh, "Saks Fifth Avenue To Stop Selling Fur Products By 2023," Forbes.com, 7 April 2021.
  72. ↑ Modi, Priyanka (August 10, 2021). "WeWork Taking Over Some Saks Fifth Avenue Spaces". The Real Deal New York. Retrieved October 30, 2022.
  73. ↑ Vincent, Roger (June 23, 2022). "Beverly Hills' historic Saks Fifth Avenue complex set for development into offices and apartments". Los Angeles Times .
  74. ↑ "Slim cierra puertas de Saks Fifth Avenue en Polanco" (Slim closes the doors of Saks Fifth Avenue in Polanco), Milenio.
  75. ↑ "Saks Fifth Avenue says goodbye to Mexico". Puerto Vallarta News. August 16, 2022. Retrieved October 30, 2022.
  76. ↑ Valinsky, Nathaniel Meyersohn, Jordan (July 5, 2024). "Saks Fifth Avenue is buying Neiman Marcus with Amazon's help | CNN Business". CNN. Retrieved July 5, 2024.{{cite web}}: CS1 maint: multiple names: authors list (link)
  77. 1 2 Barbaro, Michael (September 6, 2007). "Saks Settles With S.E.C. on Overpayments". The New York Times. ISSN   0362-4331 . Retrieved September 21, 2015.
  78. ↑ "Saks Inc. Settles Financial Reporting and Related Charges by SEC" (Press release). Securities and Exchange Commission. September 5, 2007. Retrieved May 21, 2014.
  79. 1 2 3 Steinmetz, Katy (January 12, 2015). "How the Lawsuit Between Saks and a Transgender Employee Might Shake Out". Time . Retrieved January 13, 2015.
  80. 1 2 3 Hoffman, Meredith (January 13, 2015). "Saks Is Fighting to Discriminate Against a Transgender Ex-Employee". Vice News . Retrieved January 13, 2015.
  81. 1 2 Reilly, Nicholas (January 9, 2015). "New York department store Saks 'defends discrimination against transgender staff'". Metro . Retrieved January 13, 2015.
  82. 1 2 Zillman, Claire (March 5, 2015). "Saks settles discrimination suit with transgender employee, after sparking outrage". Fortune . Retrieved October 8, 2015.
  83. ↑ Fung, Esther (November 3, 2017). "Mall Landlord Taubman Sues Saks Fifth Avenue Over Puerto Rico Store" . The Wall Street Journal. Retrieved December 8, 2017.
  84. ↑ Diaz, Marian (November 2, 2017). "Propietarios de The Mall of San Juan demandan a Saks Fifth Avenue" [Owners of Mall of San Juan sue Saks Fifth Avenue]. El Nuevo Día (in Spanish). Retrieved December 20, 2019.
  85. ↑ Nordstrom Website
  86. ↑ New Is My Business
  87. 1 2 3 Gray, Christopher (April 16, 1995). "Streetscapes/Saks; the Giant Leap from Sixth Avenue to Fifth Avenue". The New York Times.
  88. ↑ "Streetscapes: Saks - the giant leap from Sixth Avenue". The New York Times . April 16, 1995.
  89. ↑ "Herald Center, former Saks 34th Street". Wikimapia.org.
  90. ↑ "Retailing: Discounter on 34th Street". Time magazine. November 10, 1967.
  91. ↑ "This month in real estate history - 1965: Department Store Says Farewell to Herald Square". TheRealDeal.com. December 14, 2010.
  92. ↑ Hofmann, Tess (February 11, 2015). "H&M Flagship Store | 2 Herald Square | H&M Herald Center". The Real Deal New York. Retrieved October 11, 2020.
  93. 1 2 "Saks Fifth Avenue". Los Angeles Conservancy. Archived from the original on March 30, 2020. Retrieved March 27, 2020.
  94. ↑ "Saks Fifth Avenue, Los Angeles, CA". Pacific Coast Architecture Database. Retrieved March 28, 2020.
  95. ↑ "Saks Fifth Avenue". Time Out . Retrieved March 27, 2020.
  96. 1 2 "Saks Fifth Avenue". Paul Williams Project. Retrieved March 27, 2020.
  97. ↑ "Saks Fifth Avenue". Time Out. August 10, 2016. Retrieved March 27, 2020.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.