In what has been a long-winded back-and-forth that has spanned multiple years, it is now believed that department store powerhouses Saks Fifth Avenue and Neiman Marcus Group are finally set to merge. According to multiple media reports, Saks parent company Hudson’s Bay Co. (HBC) has secured an agreement to purchase Neiman Marcus Group for a...
Jul 4, 2024
Opticians and eyewear retailer Vision Express is set to be introduced to a select number of Saks Off 5th stores over the next few months in what also comes as an expansion to the luxury chain’s offering. Several of Saks Off 5th stores are expected to add a Vision Express space, including its locations in Westbury, Elizabeth, Bridgewater, West...
Apr 16, 2024
Saks Off 5th has closed on a syndicated 125 million dollars asset-based five-year revolving credit facility jointly arranged by Citibank and Citizens and a 20 million dollar term loan arranged by Callodine Commercial Finance. In a statement, Luke Coffey, chief financial officer of Saks Off 5th, said, “SaksOFF5TH.com continues to experience...
Aug 11, 2021
Saks Off 5th has hired former Amazon operations executive Shivi Shankaran as their new chief operations officer. He will step into his new role on August 16. Shankaran joins Saks Off 5th as the company is looking to grow ever since Saks’ e-commerce operations spun off from Saks Fifth Avenue and became its own entity. Shankaran is no stranger to...
Jul 29, 2021
In line with their main price chain, which is now two separate companies for their brick-and-mortar and e-commerce, Saks Off 5th has split their physical retail and e-commerce operations completely. Saks Off 5th’s parent company, Hudson’s Bay Co., has joined forces with Insight Partners, an investment company, to build Saks Off 5th e-commerce as...
Jun 22, 2021
Saks Off 5th has launched a shopping app to help with their digital growth. Last year, the company converted their web platform to Salesforce, a cloud-based software company that provides tools to help build apps and websites. Before the pandemic, digital sales were 30 percent of Saks Off 5th’s revenue, which totaled 1 billion dollars in 2019....
Apr 5, 2021
Saks OFF 5TH and Klarna have joined forces to offer customers of the luxury-value retailer access to buy now, pay later solutions at checkout. U.S. shoppers visiting the Saks OFF 5TH e-commerce site can opt to split their purchase into four interest-free payments through Klarna, increasing their convenience and spending power. This partnership...
Nov 24, 2020
Saks Off 5th has made two key hires to its executive team. Molly Taylor has been named chief merchant and Kate Brems has been named senior vice president of planning. Taylor will step into her new role on November 16. Previously she was chief merchandising officer at Century 21, which is currently going through liquidation and going out of...
Oct 30, 2020
Saks Off 5th is launching a give back campaign to support those in need in New York City. Starting May 6, the off-price retailer is offering a curated social media shop called "Shop for Good." Twenty percent of net proceeds from this shop, as well as from gift card sales will benefit the Food Bank For New York City. The Food Bank For New York...
May 5, 2020
New York – HBC (TSX: HBC) announced Monday they have appointed Paige Thomas as President of Saks OFF 5TH, effective immediately. “Paige has a proven track record of achieving aggressive growth within off-price retail through superior cross-channel customer experiences,” said in the corporate announcement Helena Foulkes, CEO at HBC, owner of Saks...
Feb 11, 2020
Hudson’s Bay Company’s (HBC) third quarter comparable sales declined 1.7 percent. Third quarter revenues totalled 1.8 billion Canadian dollars, including 55 million Canadian dollars from liquidating stores at Saks Off 5th, Hudson’s Bay clearance centers, and HBC Netherlands. Digital sales increased 15 percent year-over year due to continued...
Dec 10, 2019
Hudson’s Bay Company’s (HBC) second quarter revenues totalled 1.9 billion Canadian dollars (1.4 billion dollars), including a 19 percent increase in digital sales, while comparable sales decreased 0.4 percent. The company said, gross margin declined 530 basis points year-over-year to 34 percent due to changes in store footprint, vendor...
Sep 12, 2019
