Saks Set To Open Two Stores In Toronto
(NEW YORK) Saks Fifth Avenue is headed North. The luxury retailer’s parent company, Hudson’s Bay Co. Inc., announced that two stores will be opening in Toronto. The first store will be located in Hudson’s Bay’s downtown Toronto retail complex, which it’s selling to a subsidiary of Cadillac Fairview Corp. to the tune of $650 million. The sale will allow Hudson’s Bay to reduce their debt and the company will lease the space from Cadillac Fairview for 25 years, with the option to renew. The first Saks store will be 150,000 square feet, and is slated to open in the first half of next year. It will share space with a Hudson’s Bay location in the complex. The second store will open in Sherway Gardens in Toronto. As for the alignment between the two retailers, Hudson’s Bay bought Saks Fifth Avenue last July for $2.9 billion. Beyond the latest duo of Toronto outposts, Hudson’s Bay intends to ultimately open seven retail stores in Canada, as well as 25 outlets of their discount-laden offshoot, Saks OFF FIFTH. Initially, the first Toronto location of Saks was slated to open at the crux of Yonge and Bloor Streets, right near rival retailer Holt Renfrew.