The Hudson’s Bay Company has just purchased U.S. luxury department store Saks Inc. for a total of $2.9-billion — just to put the Loblaws/Shopper’s $12.4-billion deal in perspective.
And no, Canada is not taking over the U.S.
While HBC has purchased Saks, don’t expect to see the iconic multicolor banner taking over the popular upscale American retailer. Rather, it looks as though the glitzy Saks banner will be moving into some locations in Canada (seven in all), including HBC’s popular Yonge & Bloor location. This is intended to give the retailer the edge it needs against the incoming wave of Nordstrom locations in Canada, an equally luxurious department store.
The cynics and business-savvy among you will be quick to note that the brand hasn’t been Canadian-run for some time now, and has been under the management of the American firm NRDC Equity Partners. According to Marina Strauss from the Globe, the “Toronto-based HBC is in a stronger position than it’s been in for years, having enjoyed signs of a revival under the leadership of Bonnie Brooks, a department-store and fashion veteran whom [CEO Richard] Baker hired in 2008.”
Saks? Nordstrom? Target? Chipotle? Gee golly, Canada’s sure starting to look a lot like Times Square…
[via The Globe and Mail]
Jeremy Schipper is an intern at Toronto Standard. You can follow him on Twitter at @jeromeoschipps.