It's Going Down: HBC to Open First Full-Line Saks on Queen St.

Photos via Saks Fifth Avenue

According to Reuters this morning, Hudson's Bay Co. just announced its plan to open a full-line Saks store at the Hudson's Bay flagship store on Queen St., a shift from the earlier reported plan to open its first Saks at Yonge & Bloor.

HBC, which completed its $2.4 billion purchase of U.S. luxury chain Saks Inc late last year, said the approximately 150,000 square-foot, multi-level Saks will likely open in the fall of 2015 and will be co-located with the current Hudson's Bay store.

The report states that Hudson's Bay will also sell its downtown Toronto flagship retail complex and the Simpson's Tower located at 401 Bay Street to an affiliate of the Cadillac Fairview Corp for $650 million. As part of this deal, Saks has also agreed to lease space at Sherway Gardens for another full-line Saks store. 

So? How do you see this whole luxury department store showdown panning out? Will Holts survive it all? Will our iconic HBC and all the Canadian history it represents survive, for that matter? And is Ke$ha's 'Timber' really as prophetic as I imagine? 

YAY! Hudson's Bay is Bringing Saks to Canada

Saks Fifth Avenue (aka. shoe heaven) © BrokenSphere / Wikimedia Commons

The girly road trips were fun, I'll admit. And I did enjoy the adrenaline rush of bitchy border guard tête-à-têtes. But yesterday's retail announcement means that our frenzied cross-border shopping trips will be the things we only tell our grandkids about.

Me: "When Grandma was a girl, we would head to the States for something they called 'Black Fridaaay...'

Grandkids: "Ooooh! Tell us more, Grandma!"

Me: "I almost got trampled to death 5 times, just to save $5 on a pair of pumps. We would shop for back-to-school clothes all through the night when everyone else was sleeping. Once I almost lost a kidney when another woman and I duked it out over a Prada clutch. Luckily, I had the most vicious elbows in the place."

WWD reported yesterday that as suspected, Hudson's Bay has agreed to buy Saks Fifth Avenue for a whopping $2.9 billion. Saks could open up to seven full line stores and 25 Off-5th outlets in Canada, according to Richard Baker, CEO of Hudson’s Bay Company.

“We are going to move as quickly as we can,” Baker said in reference to bringing Saks to Canada. “There is a lot of opportunity to accomplish that rollout very quickly.” Read: Nordstrom is coming, so we've got to bust it.

Um, SO awesome, right? Are you as excited as I am? Anyone want to arrange a little shoe shopping trip when it opens? I'll be sure to keep you in the loop as I hear more Saks news!

xx

Hudson's Bay Sets Sights on Saks

There's never a dull moment in the fashion world and today is no exception with the rumour of a Hudson's Bay buyout of US retailer, Saks Fifth Avenue. According to WWD, Richard Baker, Chairman and CEO of Hudson's Bay Co., is the major contender to purchase Saks Inc.

Hudson’s Bay’s potential acquisition of Saks department store and its outlet, Saks OFF 5TH, could see both stores opening up in Canada in the not-too-distant future. HBC currently owns 48 Lord & Taylor department stores and 3 Lord & Taylor outlets in the eastern United States as well as 90 Hudson’s Bay department stores and 69 Home Outfitters housewares stores across Canada. 

All rumours, all speculation at this point but can you imagine? Target, Nordstrom and Saks all without having to border-hop? Think this is the reason for Bonnie Brooks' recent promotion to Vice-Chairman?