Will Saks Enter Canadian Market?

Hudson’s Bay Co. (Toronto) is exploring expansion of its U.S. properties, Lord & Taylor and Saks Fifth Avenue.

In the meantime, the future of Saks Inc. chairman and ceo Stephen Sadove is suddenly in question. According to Women’s Wear Daily, Sadove declined comment as speculation grew that a severance package is being drawn up for him.

Hudson’s Bay ceo Richard Baker said he was considering opening as many as seven full-line Saks stores and 25 Saks Off Fifth outlet stores in Canada. He’s also exploring a broader rollout of its Lord & Taylor outlet stores under Saks’ Off 5th umbrella. Lord & Taylor currently has only four outlet stores.

“Our footprint will cover all of North America, north to south, east to west and nearly all major metropolitan markets,” Baker told analysts.

“We believe in Canada that a certain percentage of the luxury shopper is leaving Canada and coming to the United States to shop,” he said. “And we believe as Saks and Nordstrom open up stores in Canada that’s going to create greater opportunities for Canadians to stay in Canada and do their shopping and we believe we’re going to be a strong part of that.”