Luxury U.S. retailer Saks and luxury shops being planned for Vancouver, Toronto and Montreal

06 August 2013 - Which Way To Pay

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Hudson’s Bay to bring Saks to Canada: Will lower prices come north with U.S. retailers?

Attention to all shoppers: Get ready to save money and earn points on your reward credit cards as clothing, house wares and other goods joins a growing shopping wave of U.S. retailers heading north of the border. Hudson’s Bay Co. is buying luxury U.S. retailer Saks Inc in a deal worth $2.9 billion US. Saks could be opening up shop in Vancouver by the end of next year. Vancouver, along with Toronto and Montreal, will definitely house one of the five to seven Saks Fifth Avenue stores that are planned for Canada.

The future of Saks Fifth Avenue brand

HBC spokeswoman Freda Colbourne said “Some of them will go into existing Bay locations, where it makes sense, and there also may be new Saks stores.”

Hudson’s Bay will pay $16 per share for Saks, a five per cent premium over the company’s Friday closing price of $15.31. "We are excited about this opportunity and what being part of a much larger enterprise can mean for the future of the Saks Fifth Avenue brand," Saks chairman and CEO Steve Sadove said in a statement.

Saks to run as a separate company

Saks will continue to run as a separate company under Hudson’s Bay and will have its own merchandising, marketing and store employees. “We’ve been waiting for the recession to come to a big end, for things to pick up,” Steve Tissenbaum of the Ted Rogers School of Retail Management told CTV News Channel. “So it’s is a good time (for increased competition) because things are getting better. Canadians continue to spend.”

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