Luxury retailer to set up shop in Canada
WINNIPEG — Shoppers in Winnipeg could soon be buying the latest trends and designer finds from one of the largest luxury retail giants in the United States.
During the Hudson’s Bay Company’s annual general meeting, the corporation announced that it’s parent company, NRDC Equity Partners, will expand its Saks Fifth Avenue chain into the Canadian market, opening seven new stores across the country.
HBC confirmed that along with the seven regular stores, as many as 25 Off 5th outlet locations will also be setting up shop in Canada.
In an email sent to Global News Tuesday night, the company confirmed the first two Saks locations, both in the Toronto area, at the Eaton Centre and at Sherway Gardens.
The high-end retailer said both locations will open in 2016.
“We believe there is a void in the Canadian luxury market,” HBC chairman Richard Baker said.
“The Canadian opportunity for Saks is tremendous, and the Hudson Bay company is uniquely qualified and prepared to manage this expansion,” Baker added.
The company plans to double its outlet stores in the next five years, both in Canada and the United States. HBC is also planning growth in downtown areas, strip malls and shopping centres across North America.
Several American retailers, including Marshalls and Forever 21, have set up shop in Manitoba over the past few years. H&M is set to open this fall in Polo Park Mall.
Saks Fifth Avenue has yet to announce any plans for a store in Winnipeg.
© Shaw Media, 2014