Saks is getting a billion-dollar makeover—just in time for its Toronto debut
Saks Fifth Avenue, a soon-to-be major player in Toronto’s flourishing department-store scene, is about to get a facelift—to the not-so-tiny tune of $1.25 billion. The American luxury retailer, which was snapped up by Hudson’s Bay in 2013, is set to replace the Bay’s drab retail mausoleum at Yonge and Bloor in the near (but still unspecified) future. Now it looks like the trade-up may be better than anticipated, thanks to a brand-wide revamp helmed by new Saks president Marigay McKee. According to industry site Business of Fashion, the department dinosaur plans to lure younger clientele with a raft of modern upgrades. Plans include bringing in contemporary labels from Britain and France, adding ultra-luxurious merchandise like runway fashion and exotic skins, and giving Saks outlets a modern makeover (incorporating the brand’s signature black-and-white colour scheme). While it’s not entirely clear what the refurbishment plans mean for the new Toronto store, we expect that the city’s style-conscious consumers can look forward to a trendier, more upscale retailer when Saks finally hits town. If Holts wasn’t worried before, it probably should be now.