Saks Fifth Avenue will be even more upscale when it comes to Canada
Like it or not, Toronto is becoming a haven for international luxury labels: Yorkdale just announced five new brands, including Bulgari and Jimmy Choo, and Agent Provocateur is set to open shop on Bloor Street sometime next month. Apparently, Toronto shoppers have money to burn, which is why incoming American department store Saks Fifth Avenue, already a pretty fancy shopping destination, plans to be even more upscale when it arrives in Canada in 2016.
According to the Globe, Richard Baker, CEO of Hudson’s Bay Co. (which acquired Saks last year), has deduced from Canadians’ penchant for pricey online-shopping purchases that shoppers in this country have an insatiable demand for luxury department-store goods. To cater to those shopping habits, he plans on stocking Canadian Saks stores with even pricier stuff than they sell in the U.S. Considering that many existing Saks locations carry top designers like Alexander Wang, Burberry and Stella McCartney, we’re not sure how much more upscale the department store can get. (That said, there are at least a few Saks outlets south of the border that could use a serious update.) According to Baker, the brand’s Canadian expansion will see “uber-luxurious stores with world-class product and designers.” This is good news for Toronto millionaires. The rest of us can continue shopping at the Bay.