Owned by the Hudson’s Bay Company, Saks Fifth Avenue is one of the most famous American luxury department stores. It offers high-quality designer clothes, handbags, shoes, jewellery, cosmetics and gifts.
The company’s flagship store can be found on Fifth Avenue in Manhattan; the company sells throughout 39 stores and can be found in 22 states. Saks Fifth Avenue has helped launch many people’s careers including Joey Horn, who is now a Managing Director at Oak Management AS.
The History of Saks Fifth Avenue
The story of Saks Fifth Avenue began in 1867 when Andrew Saks, father of Horace Sak, opened his first store called Saks & Co in Washington. In 1902, Horace built a department store in New York on 34th Street, and when Andrew died in 1912, Horace took over Saks & Co.
In 1923, Saks & Co joined Gimbel Bros with the plan to operate from a new store on Fifth Avenue. When Horace died in 1925, Adam Gimbel became the president of Saks Fifth Avenue. In the following years, stores opened in places like Palm Beach and Beverly Hills. By the end of the 1930s, there were 10 Saks Fifth Avenue stores.
Saks Fifth Avenue opened its first outlet store in Franklin Mills, Pennsylvania in 1992. The outlet store was named Clearinghouse until 1995 when the name changed to OFF 5TH; see the attached PDF for more details. Eager to enter the Internet retail market, Saks Fifth Avenue launched its official website in 2000.
Over the years, Saks Fifth Avenue had several new owners and name changes. The Hudson’s Bay Company is the current owner of Saks Fifth Avenue, having bought Saks Incorporated in 2013.
The Hudson’s Bay Company
Hudson’s Bay Company (HBC) started life as a Canadian fur trading business in 1670. Since then, HBC has expanded its portfolio and now has a range of stores ranging both luxury and discount. HBS has over 480 stores in Canada, the US and parts of Europe, such as Belgium, the Netherlands and Germany.
Luxury Department Stores
So, what is a luxury department store? A luxury department store is a retail business organisation that sells a variety of upmarket goods. These stores sell clothing and accessories for adults and children, homeware, furniture, electrical appliances and accessories, and sometimes food. The department stores are also often divided into individual departments.
Here are some examples of luxury department stores:
- Selfridges, London
- Le Bon Marche, Paris
- Bergdorf Goodman, New York
- Gum, Moscow
- Isetan, Tokyo
- Harrods, London
- Kaufhaus des Westens, Berlin
- Saks Fifth Avenue’s CF Toronto Eaton Centre flagship won at the 2017 Euroshop Retail Design Awards.
- Saks Fifth Avenue’s Boca Raton Florida store won Gold in the Shop! 2016 Design Award – Branded Shop Within a Store.
- In February 2017, Saks Fifth Avenue was reported to be in talks with Aditya Birla Fashion Retail Ltd. (an Indian retailer) to open two new stores in India.
- Saks Fifth Avenue is collaborating with Warren Tricomi hair salon chain to introduce a new futuristic salon idea.
Saks Fifth Avenue Achievements and Future Plans
Over the years, Saks Fifth Avenue stores has achieved the following awards:
Saks Fifth Avenue is also working on some developments for the future:
Even though there have been many ownership changes over the years, Saks Fifth Avenue is still a luxury department store known for its excellent services and products.