Saks OFF 5TH news and archive

Saks parent company acquires Neiman Marcus, Amazon to be investor

In what has been a long-winded back-and-forth that has spanned multiple years, it is now believed that department store powerhouses Saks Fifth Avenue and Neiman Marcus Group are finally set to merge. According to multiple media reports, Saks parent company Hudson’s Bay Co. (HBC) has secured an agreement to purchase Neiman Marcus Group for a...

Retail

Vision Express to come to Saks Off 5th

Opticians and eyewear retailer Vision Express is set to be introduced to a select number of Saks Off 5th stores over the next few months in what also comes as an expansion to the luxury chain’s offering. Several of Saks Off 5th stores are expected to add a Vision Express space, including its locations in Westbury, Elizabeth, Bridgewater, West...

Retail

Saks Off 5th launches shopping app

Saks Off 5th has launched a shopping app to help with their digital growth. Last year, the company converted their web platform to Salesforce, a cloud-based software company that provides tools to help build apps and websites. Before the pandemic, digital sales were 30 percent of Saks Off 5th’s revenue, which totaled 1 billion dollars in 2019....

Fashion

Saks Off 5th partners with Food Bank for New York City

Saks Off 5th is launching a give back campaign to support those in need in New York City. Starting May 6, the off-price retailer is offering a curated social media shop called "Shop for Good." Twenty percent of net proceeds from this shop, as well as from gift card sales will benefit the Food Bank For New York City. The Food Bank For New York...

People

Saks OFF 5th appoints ex Nordstrom Paige Thomas as president

New York – HBC (TSX: HBC) announced Monday they have appointed Paige Thomas as President of Saks Off 5TH, effective immediately. “Paige has a proven track record of achieving aggressive growth within off-price retail through superior cross-channel customer experiences,” said in the corporate announcement Helena Foulkes, CEO at HBC, owner of Saks...

BusinessFeatured

Q3 net loss widens at Hudson’s Bay Company, same-store sales drop

Hudson’s Bay Company’s (HBC) third quarter comparable sales declined 1.7 percent. Third quarter revenues totalled 1.8 billion Canadian dollars, including 55 million Canadian dollars from liquidating stores at Saks Off 5th, Hudson’s Bay clearance centers, and HBC Netherlands. Digital sales increased 15 percent year-over year due to continued...