Saks to open dedicated men's store

Husdon's Bay Company (TSE:HBC) announced plans to open a dedicated Saks Fifth Avenue Men's Store in downtown Manhattan.

Slated for the spring of 2017, the 16,750-square-foot store will be located at 250 Vesey Street, Brookfield Place, and will showcase men's modern fashions. Special services and amenities will include tailoring and personal shopping programs.

"Building a free-standing Saks Fifth Avenue Men's Store at the crossroads of the U.S. Financial Market and New York City's burgeoning downtown fits perfectly with our vision to expand our leadership position in the luxury space," said Marc Metrick, president, Saks Fifth Avenue. "We look forward to creating a tailored experience for our customers in a dedicated environment, filled with authoritative merchandising assortments."

Hudson's Bay previously announced plans to open an 85,000-square-foot Saks Fifth Avenue store, which will anchor the northern end of the Brookfield Place when it opens in the summer of 2016. That location will focus on women's fashions.

"We are thrilled that Hudson's Bay Company has increased its commitment at Brookfield Place through the addition of a new Saks Fifth Avenue Men's Store," said Dennis Friedrich, CEO of the global office division of Brookfield Property Partners. "Brookfield is proud to be characterized by its illustrious retail partners and we expect the Saks Fifth Avenue Men's Store will be a standout presence among our distinguished offering of fine men's retailers."

Although the luxury retailer is performing well in Canada, Saks has taken a hit in the United States and hopes to gain back some consumers with the new store.

For more:
-See this Hudson's Bay press release

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