Saks Fifth Avenue, which has been steadily closing stores, has decided to open one in Hawaii.
This story first appeared in the June 20, 2013 issue of WWD. Subscribe Today.
Saks will anchor International Market Place in Honolulu. The store, Saks’ first in Hawaii, is expected to open in 2016. Saks Inc. operates a Saks Off 5th outlet in Waipahu, Hawaii.
The store was announced jointly by Queen Emma Land Co., owner of the property; Taubman Centers Inc., the developer, and CoastWood Capital Group LLC, an investor in the project. The shopping center is being revitalized.
Assets of Queen Emma Land support The Queen’s Medical Center and its community initiatives including the upcoming opening of The Queen’s Medical Center — West O’ahu. In 1885, Queen Emma of Hawaii bestowed land to The Queen’s Hospital.
Over the last decade, 20 Saks locations have been closed, including 12 in the last three years, bringing the store count down to 42. By the beginning of 2014, the count will fall further to 40 locations.