The Real Deal New York

Saks looking to open department store downtown

Parent company Hudson's Bay also reportedly in talks to take space at One Liberty Plaza
July 14, 2014 08:30AM

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