Hudson’s Bay Company to Open Saks Fifth Avenue and Saks OFF 5TH Stores in Lower Manhattan; Combine NYC Office Locations
TORONTO & NEW YORK–(September 24, 2014)–Hudson’s Bay Company (“HBC” or the “Company”) (TSX:HBC) announced today that it has signed a lease with Brookfield Property Partners L.P. (“Brookfield”) (NYSE:BPY; TSX: BPY.UN) to open a 85,000 square foot Saks Fifth Avenue store in Brookfield Place at 225 Liberty Street and a 55,000 square foot Saks OFF 5TH store at One Liberty Plaza in Lower Manhattan. In addition, HBC is leasing 400,000 square feet of office space, adjacent to the Saks Fifth Avenue store at Brookfield Place. This space will become the home office for the company’s New York City based corporate associates.
“We are excited about the opening of a second New York City Saks Fifth Avenue store. This store will cater to what we believe is an underserved and rapidly growing downtown luxury market, and positioning ourselves in this key center in Manhattan will strengthen our foothold as the ultimate luxury shopping destination. We could not imagine a better and more fitting location for what we consider to be New York City’s preeminent luxury store.
The new Saks OFF 5TH store at One Liberty Plaza, which is anticipated to open in 2017, will become the flagship for our growing outlet business, exemplifying our strategy to expand our off-price concept into urban markets,” commented Richard Baker, Governor & CEO of Hudson’s Bay Company.
“This move will base our New York City corporate Associates in a state-of-the-art facility with exceptional amenities that will support our growth, and enable more integration and collaboration across our banners and functions. We are particularly excited about this location in Lower Manhattan and believe that this vibrant and flourishing area is quickly becoming one of New York City’s premier office locations,” commented Donald Watros, President, Hudson’s Bay Company.
“These commitments for retail and office space from Hudson’s Bay Company speak to the allure of Downtown as both a retail destination and an appealing neighborhood in which to conduct business,” said Dennis Friedrich, CEO of the global office division of Brookfield Property Partners. “It’s another huge step forward for the area as we witness fashion, creative and media firms flocking downtown. Moreover, Saks Fifth Avenue will anchor the collection of luxury retailers coming to Brookfield Place in 2016 as downtown’s first-ever luxury department store.”
While many factors played a role in the decision to stay in New York and move to lower Manhattan instead of relocating out of state to New Jersey or Connecticut, HBC was offered support by the state and city which certainly weighed in the decision.
The majority of the office moves will take place in mid to late 2016. The Saks Fifth Avenue store is slated to open in spring 2016 and the Saks OFF 5TH is anticipated to open in fall 2017.
About Hudson’s Bay Company
Hudson’s Bay Company, founded in 1670, is North America’s longest continually operated 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, one outlet store and thebay.com. Lord & Taylor operates 49 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 40 U.S. stores, five international licensed stores and saks.com. OFF 5TH offers value-oriented merchandise through 79 U.S. stores and saksoff5th.com. Home Outfitters is Canada’s largest kitchen, bed and bath specialty superstore with 69 locations. Hudson’s Bay Company trades on the Toronto Stock Exchange under the symbol “HBC”.
Director, External Communications