Saks outlet brand to launch in Europe
Hudson’s Bay is to launch its Saks outlet brand in Europe.
The Canadian department store, which bought up-scale US department store chain Saks Fifth Avenue in 2013, has announced the first five store locations for the premium off-price banner Saks Fifth Avenue Off 5th in Germany. The first will be a flagship store in Düsseldorf, with further stores in prime city center locations in Frankfurt, Stuttgart, Heidelberg and Wiesbaden.
The stores are currently expected to open during the summer of 2017.
Over time, HBC plans to open up to 40 Saks Off 5th stores in Germany. The Company is also preparing to introduce the banner into the Netherlands in 2017. Saks Off 5th features a selection of designer fashion, accessories, and footwear for men and women, along with home merchandise – “in-season and on-trend offerings” from more than 800 leading designer brands at discounted prices. Saks Off 5th operates more than 100 stores in the US and Canada, and saksoff5th.com.
Jerry Storch, HBC’s CEO, said the company sees great opportunities for the premium off-price shopping experience offered by Saks Off 5th as a new concept in the European retail market.
“Saks Off 5th will complement our existing German department store banners and will further accelerate the growth of HBC Europe. We are confident that the introduction of Saks Off 5th will resonate with German consumers and enhance the shopping experience within these city centers by introducing an exciting new retail format.”
The Carsch-Haus in Düsseldorf, an established fashion destination, will be the first to open and become Saks Off 5th’s flagship. For the locations in Frankfurt, Stuttgart, Heidelberg and Wiesbaden, HBC will convert stores currently operating under the Sportarena banner, making significant investments during the process. Galeria Kaufhof will continue to offer sports equipment as part of its merchandise assortment.
All employees of Carsch-Haus and Sportarena will receive a job guarantee for equivalent positions within either Saks Off 5th in Germany or Galeria Kaufhof. The European business of Saks Off 5th will be managed out of Cologne.
Hudson’s Bay Company is one of the fastest-growing department store retailers in the world. In North America, HBC’s leading banners include Hudson’s Bay, Lord & Taylor, Saks Fifth Avenue, Gilt, and Saks Off 5th, along with Find @ Lord & Taylor and Home Outfitters. In Europe, its banners include Galeria Kaufhof, the largest department store group in Germany, and Belgium’s only department store group Galeria Inno.