Update November, 4, 2013: Hudson’s Bay Company has completed its acquisition of Saks Incorporated today. HBC acquired Saks Fifth Avenue for US$16 per share in an all-cash transaction valued at US$2.9 billion. As a result, HBC will operate a total of 320 stores, including 179 department stores, 72 outlet stores, 69 home stores, and three online stores. Look for the Saks brand to hit Vancouver and other Canadian markets soon as well.
Original Story Published July 29, 2013:
The Hudson’s Bay Co. is at it again. This time, they have acquired U.S. luxury retailer Saks Inc. in a deal worth US$2.9 billion. They plan is to open locations in Canada, and you can bet that Vancouver will soon see a Saks Fifth Avenue.
One of the country’s largest pension fund managers, the Ontario Teachers Pension Plan, provided the financial backing to make this deal a reality. The plan is to keep Saks as a separate entity to be headquartered in New York and then to introduce the Saks brand in Canada online and then through retail locations.
As for a possible location in Vancouver, there are two potential candidates. The first and most likely possibility is the Hudson’s Bay department store in downtown Vancouver. The large flagship location could see a Saks Fifth Avenue inside some of its under-utilized floors with street front access.
This would be similar to what the company did with the addition of the largest international TOPSHOP & TOPMAN location inside the Hudson Bay’s sub-basement level. This would give Vancouver not only a Saks but also a Nordstrom (opening 2015) just across the street. The prospect of this becoming a reality will greatly take the Vancouver shopping experience to a whole new level.
The other potential location would be Oakridge Centre. A new Saks Fifth Avenue could be built alongside the existing Hudson’s Bay as the retail space at Oakridge is set to expand as part of the Oakridge Mall redevelopment. The project will see numerous residential towers, some as high as 40 + floors, soaring into the sky along with major office and retail space additions.