REAL ESTATE

Saks Fifth Avenue to offer retail, food and more in new stores in Canada

BY Marianne Wilson

Saks Fifth Avenue is pulling out all the stops to make its two upcoming stores in Canada true destinations whose attractions extend beyond buying the latest fashions.

The company will open a163,000-sq.-ft. store at Toronto’s Eaton Centre at Queen Street on February 18, 2016, and a 150,000-sq.-ft. location at Sherway Gardens, also in Toronto, on February 25, 2016.

In addition to an extensive array of women’s designer ready-to-wear, robust beauty offerings, a men’s areas complete with a tailoring lounge, and the company’s signature 10022-Shoe salon, both locations will offer an extensive food hall, a spacious restaurant, and a new beauty salon concept.

In addition, the stores will offer a by-appointment traveling personal shopping service whereby a stylist will arrive at a client’s home or office stocked with merchandise specifically selected for the individual. Amenities include styling, beauty consultations and tailoring.

A personal shopping and styling service will also be offered in store, and clients will have access to such extras as a private suite, and refreshments.

Food will play an important role in both stores. In collaboration with Toronto specialty grocery retailer Pusateri’s Fine Foods, the stores will feature a Saks Food Hall by Pusateri’s, with 21,000 sq. ft. devoted to the space at the Eaton Centre location and 18,500 sq. ft. at Sherway Gardens.

Oliver & Bonacini (O&B), a Canadian fine-dining restaurant, will launch unique restaurant concepts at each location.

DESIGN: Both stores will feature dramatic architectural details created by Saks Fifth Avenue store design and planning in partnership with design firms FRCH Design Worldwide for the Eaton Centre location and Ted Moudis Associates for the Sherway Gardens location.

The Eaton Centre store will reflect the grandeur and tradition of Saks’ New York flagship while the Sherway Gardens store will introduce a fresh, contemporary, open-format layout. Both locations will feature hand-crafted materials and furniture and hand-applied finishes.

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REAL ESTATE

Another retailer jumps into the off-price game

BY Marianne Wilson

The off-price space is growing by leaps and bounds, with yet another department store retailer throwing its hat in the ring.

Lord & Taylor will debut its new off-price concept, Find @ Lord & Taylor, on Nov. 19, in Paramus, New Jersey. The 30,000-sq.-ft. store will feature women’s, men’s, kids’ clothing and footwear, along with home goods. According to reports, the initial store will be followed by six additional locations next year.

“This opening marks an important milestone for the company as we debut our new banner and expand our outlet business in the U.S,” said Jonathan Greller, president of outlets, Hudson’s Bay Company (HBC), the Canadian-based parent of Lord & Taylor.

With the opening of [email protected] & Taylor, HBC joins an increasingly crowded field that includes off-price formats from newer competitors that include Kohl’s, Macy’s and Bloomingdale’s, along with more established formats such as Nordstrom Rack, Saks’ Off Fifth, and Last Call from Neiman Marcus. And off-price giant TJX Companies continues to exceed expectations, posting better-than-expected profit and sales for its third quarter, ended Oct. 31. Revenue increased 5.3% to $7.75 billion, fueled in part by a 5% surge in same-store sales.

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REAL ESTATE

WP Glimcher CEO named to NAREIT 2016 executive board

BY Melonie Messina

Columbus, Ohio — WP Glimcher announced CEO Michael P. Glimcher has been named to the National Association of Real Estate Investment Trust’s (NAREIT) 2016 executive board. Glimcher previously served as chair of NAREIT’s Audit/Investment committee.

“I am proud to be able to serve NAREIT at the executive board level,” said Glimcher. “The organization provides tremendous value to our industry with its advocacy for REITs through policy-making, research and investor outreach, and I look forward to helping to shape its future.”

NAREIT officers and executive board members are elected by the organization’s corporate members and Glimcher’s appointment became effective Nov. 1.

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