Changes Afoot for Saks Stores

Hudson's Bay Co. (Toronto) is investing in new digital initiatives and updates to its brick-and-mortar strategies in a effort to achieve $10 billion in revenues and a 10 to 12 percent profit margin rate in five years, according to Women’s Wear Daily.

The company is finalizing capital plans for renovating the Saks Fifth Avenue Manhattan flagship while pumping up other locations, and to shift open-to-buy to the most productive brands and designer labels — and away from less productive ones.

At the Saks Off 5th outlet chain, new formats in key departments, including shoes and handbags, are being introduced; moderate merchandise is being ramped up, and efforts to clarify the pricing with new ticketing and signage are under way so shoppers have a clear idea of the bottom-line price and the values, WWD reported.