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 Posté le: Ven Oct 04, 2013 12:31 am Sujet du message: b0zhzf0t |
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{Downtown Hudson’s Bay is best bet for future Saks}
A possible location for a Saks Fifth Avenue store would be sharing space with Hudson Bay’s flagship store in downtown VancouverBy Glen KorstromTue Aug 6, 2013 12:01am PSTThe news that luxury retailer Saks Fifth Avenue plans to open seven stores in Canada after being bought by Hudson’s Bay Co. (HBC) (TSX:HBC) has analysts speculating where those stores may be. And in Vancouver that speculation centres on sharing space with the current Hudson’s Bay store in downtown Vancouver.HBC announced it had bought U.S.-based Saks Inc. (NYSE:SKS) on July 29 for US$2.9 billion.The most likely Metro Vancouver location for a Saks is in part of the 637,000-square-foot, Hudson’s Bay-owned department store at 674 Granville Street, said Colliers International vice-president and director of retail consulting, James Smerdon.That space, at the corner of Georgia Street, makes the most sense because it is the highest profile location for signage, would be rent-free because HBC owns the space, and would likely triple sales in the 86-year-old structure, he said.“They will probably want to maintain the Hudson’s Bay brand there in some format so they will probably split the building,” Smerdon added.That “split” may take the form of a solid wall separating the two stores and two separate entrances. But Smerdon believes it is more likely that the separation will take the form of floor plans where different floor textures, lighting and products separate the two brands with no actual physical barrier between the stores.The expense and logistics of adding a second escalator could make complete separation of the stores inside the six-floor building untenable, he added.But higher sales and profit would help pay for any renovations needed because HBC will aim to have a Saks store in Vancouver do triple the approximately $200 per square foot in sales that is currently generated at the Hudson’s Bay-branded store, Smerdon said.Retail blog Retail-Insider.com also points to the current Hudson’s Bay store as a possible Saks location and for basement space in the building to be an Off Fifth.Off Fifth is Saks’ discount line, and HBC has said it may open as many as 25 of those stores in Canada.CB Richard Ellis is marketing 43,705 square feet of retail space on what it calls the “SkyTrain level” of the building.“That sub-basement space would be a great space for an Off Fifth discount retailer,” the voice behind Retail-Insider.com, who asked to remain anonymous, told Business in Vancouver in a phone interview.He added that the space would not be a good location for Saks because of low ceilings and an awkward location.Smerdon agrees that it would be possible to have Saks share floors one through six with Hudson’s Bay,[url=http://www.official-tomsshoes.com]Cheap Toms[/url], with the 33,000-square-foot Topshop and Topman store on the concourse level and an Off Fifth on the SkyTrain level.That’s because Off Fifth carries a substantially different product mix than the main Saks stores do so “there is little crossover,” Smerdon said.He believes that a better bet for an Off Fifth location, however, would be Richmond’s Lansdowne Mall in what is now one of HBC’s Home Outfitter-branded locations.Any new stores would be in addition to HBC’s current portfolio of 48 Lord & Taylor stores in the northeast U.S., 90 Hudson’s Bay stores across Canada; 69 Home Outfitter stores across Canada and now 42 Saks stores in the U.S.Oakridge could be home to future Saks or Off Fifth storeOakridge Centre is home to the Hudson Bay Co.’s (HBC) second Vancouver store but it is unlikely to house a Saks in the near future.The Bay store at Oakridge is slated to move to another part of the mall as part of the 506,000-square-foot mall’s proposed 700,000-square-foot expansion. So incurring pricey renovation costs to incorporate a Saks store before the move wouldn’t make sense.The earliest that a Saks or Bay could open in the redeveloped mall would be 2018, which would be far too late given that HBC CEO Richard Baker said, when announcing the purchase, that he wanted to roll out Saks stores “as quickly as we can.”“For Oakridge’s redevelopment the Bay has to be moved out of the current location,” said Graeme Silvera, who is vice-president of retail development, western region, at mall-owner Ivanhoe Cambridge.“Frankly, [HBC] don’t want to have the store that they have. It’s not very functional. It has a basement that is inaccessible and is not a great floor plan so I don’t think [opening a Saks in the current Bay space at Oakridge] would even be in the back of their mind.”More likely is that HBC could open an Off Fifth discount store at the mall in 2018, assuming that Oakridge gets approval to do its proposed redevelopment.Oakridge has lined up three anchor tenants so far for its proposed redevelopment: Target, Safeway and the Bay. It is seeking a fourth, Silvera said, adding that either Saks or Off Fifth would be welcome to be the mall’s fourth anchor tenant. So it is possible that both the Bay and Saks could have large full stores in the future Oakridge redevelopment.Tags: CB Richard Ellis, Hudson's Bay Company, retail, Bay Co.
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