Saks Fifth Avenue Embarks on a New Era with Ownership Change

HBC Sells Luxury Department Store to Transform Retail Landscape

Joining Forces to Redefine the Fashion Experience

In a groundbreaking move that signals a shift in the retail industry, HBC has announced the sale of its iconic Saks Fifth Avenue department store to a joint venture between Saks CEO Marc Metrick and an affiliate of the Canadian real estate company, Brookfield Property Partners. The transaction is expected to close in the fourth quarter of 2023, marking a new chapter for the renowned luxury retailer.

The new ownership structure will enable Saks Fifth Avenue to enhance its customer experience and expand its digital presence. The joint venture aims to invest significant capital in the company's operations, technology, and omnichannel capabilities. This strategic alliance will allow Saks to remain competitive in the rapidly evolving retail environment.

CEO Metrick expressed his enthusiasm for the partnership, stating, "We are thrilled to embark on this new journey alongside Brookfield, a world-class real estate leader. Together, we will create a transformative shopping experience that seamlessly blends physical and digital retail, offering our discerning customers unparalleled service and access to the world's finest merchandise."

Brookfield's expertise in luxury retail real estate will be instrumental in enhancing Saks Fifth Avenue's brick-and-mortar presence. The joint venture plans to invest in store renovations, expansions, and new store developments strategically located in sought-after markets.

The sale of Saks Fifth Avenue marks a significant milestone in the evolution of HBC, the parent company of Hudson's Bay, Lord & Taylor, and Saks Off 5th. By divesting its luxury department store, HBC aims to focus on its core businesses and emerge as a stronger, more agile retailer.

As Saks Fifth Avenue embarks on this new era under the leadership of Metrick and Brookfield, the future holds boundless possibilities. The joint venture's unwavering commitment to innovation and customer-centricity will undoubtedly propel Saks to even greater heights, solidifying its position as a beacon of luxury and style in the years to come.