Saks and Saks Off 5th to open stores in downtown Manhattan

Toronto -- One of the nation’s most venerable department store brands, Saks Fifth Avenue, has given a big boost to the retail revitalization of Lower Manhattan. Saks’ parent Hudson’s Bay Company has signed a lease with Brookfield Property Partners to open two stores in downtown Manhattan: a 85,000-sq.-ft. Saks Fifth Avenue store in Brookfield Place (formerly called the World Financial Center), and a 55,000-sq.-ft. Saks Off 5th store at One Liberty Plaza.



Hudson’s Bay is also moving its United States headquarters downtown. The company is leasing 400,000 sq. ft. of office space, adjacent to the Saks Fifth Avenue store at Brookfield Place. It currently leases some 550,000 sq. ft. of space in eight locations across Manhattan.



“We are excited about the opening of a second New York City Saks Fifth Avenue store,” said Richard Baker, governor & CEO of Hudson’s Bay Company. “This store will cater to what we believe is an underserved and rapidly growing downtown luxury market, and positioning ourselves in this key center in Manhattan will strengthen our foothold as the ultimate luxury shopping destination.”



The new Saks Off 5th reflects the company’s strategy to expand its off-price concept into urban markets, Baker added.



“These commitments for retail and office space from Hudson’s Bay Company speak to the allure of Downtown as both a retail destination and an appealing neighborhood in which to conduct business,” stated Dennis Friedrich, CEO of the global office division of Brookfield Property Partners. “It’s another huge step forward for the area as we witness fashion, creative and media firms flocking downtown. Moreover, Saks Fifth Avenue will anchor the collection of luxury retailers coming to Brookfield Place in 2016 as downtown’s first-ever luxury department store.”



While many factors played a role in the decision for Saks’ U.S. headquarters to stay in New York City and move to lower Manhattan instead of relocating out of state to New Jersey or Connecticut, Hudson’s Bay said the support offered by the state and city certainly weighed in the decision.



The majority of the office moves will take place in mid to late 2016. The Saks Fifth Avenue store is slated to open in spring 2016 and the Saks Off 5th is anticipated to open in fall 2017.