Saks Announces New Hawaii Store

Saks Fifth Ave. (New York) has announced plans to open its first store in the state of Hawaii.

The luxury retailer will anchor the new International Market Place in Waikiki, a Taubman development. A complete rebuild will replace the existing International Market Place, the Waikiki Town Center and the Miramar at Waikiki Hotel with an expansive retail and entertainment conplex. No other tenants have been announced.

According to Pacific Business News, the deal still needs to be finalized so exact timetables are not clear. Some tenants have been told there are plans to begin demolishing the Miramar at Waikiki Hotel, on one side of the market place, this December, and demolition of the shopping complex could follow in early 2014.

International Market Place has about 150 tenants now, most of which are on month-to-month leases. For more than 40 years, it had been known for luring tourists with its low prices and laid back atmosphere.

Saks has an Off 5th outlet store at the Waikele Premium Outlets but has been trying for nearly 20 years to bring one of its first-line stores to the islands. In 1997, its plans to move into a retail space fell through when the property was sold.

Last month, Macy’s Inc. (Cincinnati) announced that it would open a Bloomingdale’s at the elegant Ala Moana Center in Honolulu.