NEW YORK--(BUSINESS WIRE)--Hudson’s Bay Company (TSX:HBC) announced today that it plans to renovate and convert its Saks Fifth Avenue store located in Santa Barbara, CA, to the Saks Fifth Avenue OFF 5TH format within the same location. Following the transition of merchandise to nearby Saks Fifth Avenue stores, the conversion will be completed by October 2015.
“This is a strategic decision to optimize the potential of the location and still deliver a signature shopping experience within the market. We believe converting to an OFF 5TH location is the best decision for our company and for our customers,” commented Marc Metrick, President of Saks Fifth Avenue.
“Both the Saks Fifth Avenue and OFF 5TH teams believe this is a fabulous option for our customers,” stated Jonathan Greller, President of Outlets, HBC. “This strategic move allows us to deliver our exciting Saks OFF 5TH experience in a new location, and we’re excited to welcome and to continue to serve our loyal customers in our new Santa Barbara location.”
With new arrivals shipped to the store weekly, Saks Fifth Avenue OFF 5TH customers will discover new and exciting merchandise, including one-of-a-kind designer finds, every time they shop. For additional OFF 5TH shopping benefits, customers can sign up for the More! program on saksoff5th.com. Rewards include insider access to exclusive discounts, new arrival alerts, and more.
Saks Fifth Avenue will continue to serve its customers in other store locations, in addition to saks.com.
Approximately 55 associates are employed in the Santa Barbara store. All affected associates will either be offered transfer opportunities or will receive appropriate employment separation packages. The new Saks Fifth Avenue OFF 5TH will reside in the current Saks Fifth Avenue location at 1001 State Street, Santa Barbara, CA 93101.
ABOUT SAKS FIFTH AVENUE
Saks Fifth Avenue, one of the world’s pre-eminent specialty retailers, is renowned for its superlative American and international designer collections, its expertly edited assortment of handbags, shoes, jewelry, cosmetics and gifts, and the first-rate fashion expertise and exemplary client service of its Associates. As part of the Hudson’s Bay Company brand portfolio, Saks operates 38 full-line stores in 22 states, five international licensed stores, 83 Saks Fifth Avenue OFF 5TH stores and saks.com, the company’s online store.
ABOUT SAKS FIFTH AVENUE OFF 5TH
As part of the Hudson’s Bay Company brand portfolio, Saks Fifth Avenue OFF 5TH is a world-class destination for true fashion at extraordinary value. The retailer’s 83 stores and e-commerce division, saksoff5th.com, combine the two great joys of shopping: the delight of discovering the best in luxury and the thrill of finding a deal. A sophisticated shopping experience of carefully curated off-the-runway trends, exceptional service, and savings on the biggest names in fashion, Saks Fifth Avenue OFF 5TH leads the market as the premier luxury-value destination.
ABOUT HUDSON’S BAY COMPANY
Hudson's Bay Company, founded in 1670, is North America's oldest company. Today, HBC offers customers a range of retailing categories and shopping experiences primarily in the United States and Canada. Our leading banners – Hudson's Bay, Lord & Taylor, Saks Fifth Avenue and Saks Fifth Avenue OFF 5TH – offer a compelling assortment of apparel, accessories, shoes, beauty and home merchandise. Hudson’s Bay is Canada's most prominent department store with 90 full-line locations, two outlet stores and thebay.com. Lord & Taylor operates 50 full-line locations primarily in the northeastern and mid-Atlantic U.S., four Lord & Taylor outlet locations and lordandtaylor.com. Saks Fifth Avenue, one of the world's pre-eminent luxury specialty retailers, comprises 38 U.S. stores, five international licensed stores and saks.com. OFF 5TH offers value-oriented merchandise through 83 U.S. stores and saksoff5th.com. The Company also operates Home Outfitters, Canada's largest kitchen, bed and bath specialty superstore with 67 locations. Hudson’s Bay Company trades on the Toronto Stock Exchange under the symbol “HBC”.
