Saks on Fifth Avenue is a shopping landmark in New York City. Could Winnipeg get a Saks at the Hudson’s Bay building on Portage Avenue?
“I can see it coming,” says Stuart Henrickson, a University of Manitoba economist. “What they tend to do is find a premiere location and of course we have one on Portage Avenue.”
News broke Monday luxury U.S. retailer Saks will soon open its doors in Canada with plans to launch up to seven stores north of the border, after being snatched up Monday by Hudson’s Bay Co. for US$2.9 billion.
“A lot of chains are recognizing that Winnipeg is a growth market, and I think for some that invasion of the American brand signals that we’re here,” says University of Winnipeg urban studies Prof. Gino Distasio.
Saks discount store Saks Off Fifth could also replace some of Winnipeg’s Bay locations.
Nothing’s official yet, but some hope the takeover doesn’t mean the end of Hudson’s Bay downtown in Winnipeg.
“I think if Hudson’s Bay downtown closed that would be a huge blow to the environment,” Distasio said. “I don’t think Saks could fill that void.”
The high-end U.S. department store chain carries brands such as Hugo Boss, Prada, Giorgio Armani, Chanel and Dolce and Gabbana.
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“I don’t know if we could sustain it, honestly,” one woman in downtown Winnipeg said when told of the development.
The Bay has been trying to reduce its footprint downtown for sometime, downsizing from seven to three floors.
The president of Centre Venture, the city’s downtown development agency, told CJOB Monday they’ve been in talks to fill the space.
“I think it’s unrealistic to suggest we’re going to convert the Bay into a Saks Fifth Avenue but there might be some retail opportunities that can augment the Bay to keep it more active and more alive,” said Ross McGowan.
Saks currently operates 42 stores across the U.S., while HBC’s holdings include 90 Hudson’s Bay stores and 69 Home Outfitters in Canada.
HBC also owns 48 Lord & Taylor luxury retail stores in the U.S. Northeast.
Together, the combined company will comprise more than 32 million square feet of retail space and rake in about C$7.2 billion in sales annually.
(With files from Canadian Press)
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