Saks Fifth Avenue (TSE:HBC) will open four new Off 5th locations in Canada. The retailer's outlet chains will be the first in their markets.
All of the new locations will be located in Ivanhoé Cambridge shopping centers: Tsawwassen Mills, Outlet Collection Winnipeg, Place Set-Foy and Montreal Eaton Centre.
The openings are part of parent company Hudson's Bay Company's North American expansion plan to open up 25 Canadian locations. Just last month, the company announced plans to open an Off 5th location just two blocks from Bloomingdale's 59th Street flagship in New York City. Saks currently hosts 91 brick-and-mortar locations and an e-commerce division of its luxury-value destination.
The Place Set-Foy location in Quebec City will span 32,943 sq. ft. and open in the spring of 2017. The other Quebec location, Montreal Eaton Centre, will span 44,840 sq. ft. and open in the fall of 2018.
The Off 5th in Tsawwassen Mills, located in British Columbia, will serve as a mall anchor at 1.2 million sq. ft. and open its doors in the fall of 2016. The final location, Outlet Collection Winnipeg, will coincide with the launch of the shopping center itself in the spring of 2017 and sit as an anchor at 32,191 sq. ft.
"We are excited that we are able to bring Saks Off 5th to these dynamic Ivanhoé Cambridge properties. We have now announced openings in five provinces across the country, and we look forward to bringing our Off 5th experience to the Canadian consumer," said Jonathan Greller, president of outlets at Hudson's Bay. "As we continue to grow our off-price business, we will announce more new Saks Off 5th locations in major markets across Canada."
In 2014, Hudson's Bay was ranked the fastest growing retailer in the United States, recording a year-over-year sales increase of 254 percent. U.S. sales totaled $5.1 billion, with much of the growth stemming from its acquisition of Saks.
-See this Hudson's Bay press release
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