Saks Expanding to Canada

Hudson’s Bay Co. (Toronto) will open its first Saks Fifth Avenue as well as a discount Off Fifth store in Canada in the spring of 2016.

Richard Baker, ceo of Hudson’s Bay, which acquired the Saks chain last year, told Toronto’s The Globe and Mail, “The Canadian luxury market is growing and the competitive landscape continues to be underdeveloped … The amount that Canadians are willing to spend is much more in line with the U.S. than Canadians like to think,” citing the fact that many wealthy Canadians routinely shop for luxury goods across the border. He says HBC will eventually open seven Saks Fifth Avenue stores in Canada.

Baker added that the Canadian market is also ripe for discount luxury retailers such as Off Fifth. HBC plans to open 25 Off Fifth stores in Canada.