Downtown shopping soon could become decidedly more upscale.
Luxury retailer Saks Fifth Avenue is planning to open a department store and a Saks Off Fifth discount outlet in downtown Manhattan, the Wall Street Journal reported.
Saks was bought for $2.4 billion by Canadian department-store owner Hudson’s Bay Co. about a year ago. Hudson’s Bay is also looking to open a roughly 400,000-square-foot headquarters at Brookfield Properties’ One Liberty Plaza for Saks, Saks Off Fifth, Hudson’s Bay as well as Lord & Taylor. The store and outlet would be located at the nearby Brookfield Place.
Hudson’s Bay and Brookfield are reportedly looking to sign a deal before the end of the summer. [WSJ] – Claire Moses