Saks Fifth Avenue is getting deeper into the specialty business.
WWD has learned that the luxury retailer now plans to open a 21,000-square-foot store devoted to jewelry and contemporary women’s ready-to-wear in Greenwich, Conn., which is also where Saks earlier this year disclosed plans to open a shoe store under its successful 10022-Shoe format.
Saks also operates a regular women’s-only store in Greenwich as well.
“Opening a third Saks Fifth Avenue store will cement our position in this important market,” commented Marc Metrick, president of Saks Fifth Avenue. “I’m so excited to even further expand our offerings for the Greenwich customer.”
The jewelry and contemporary women’s store will open at 200 Greenwich Avenue. Saks has not set a precise timing yet for the opening of this retail concept. The women’s-only store is at 205 Greenwich Avenue.
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Having a third location in Greenwich enables Saks to expand the space dedicated to the women’s designer rtw assortment in the existing store. The upper level will see changes to its current layout, including creating increased space for vendor shops. A private fine jewelry viewing room will also be added to enrich the overall customer experience.
Metrick said, “with three locations within easy walking distance of each other,” Saks will be able to better serve its Greenwich customers. “I am passionate about our core strategy of category dominance — providing a better, more authoritative assortment that allows Saks to be bigger than any one brand — and this additional space in Greenwich furthers our mission to do just that,” he added.
The new Saks Fifth Avenue location will reside across from the existing store that opened in 1997.
Both specialty concepts could one day be potential rollout vehicles for Saks, though the retailer already has extensive growth plans including opening in Canada next year and in lower Manhattan at Brookfield Place, and the three-year, $250 million overhaul and reinvention of the Saks flagship in Manhattan.
In addition, Saks and Lord & Taylor are moving their headquarters to Brookfield Place. Saks, L&T, Hudson’s Bay in Canada and Kaufhof in Germany are all owned by the Hudson’s Bay Co. based in Toronto.
Saks’ first freestanding shoe store — modeled after the 10022-Shoe department, which is at the Manhattan flagship and replicated in 19 other Saks locations — will open in Greenwich in fall 2016. The 14,000-square-foot site, at 20 East Elm Street and around the block from the existing Saks Fifth Avenue women’s-only store on Greenwich Avenue, will include around 11,000 square feet for selling and 3,000 square feet for storage.
Reportedly, Macy’s Inc. is developing a specialty store prototype, though officials there have not confirmed the project. According to sources, it would appeal to Millennials and could be close to colleges and universities. The format would hopefully lead to bringing new shoppers to Macy’s department stores as well.