Hudson’s Bay Co., advancing its off-price agenda through Canada, said it signed four agreements with Ivanhoé Cambridge for Saks Off 5th locations.
HBC plans to open up to 25 Off 5th sites in Canada over time. Commented Jonathan Greller, president of outlets for HBC, “As we continue to grow our off-price business, we will announce more new Saks Off 5th locations in major markets across Canada.”
HBC currently has 91 Off 5th stores in the U.S. and operates saksoff5th.com.
Saks Off 5th stores will open in Tsawwassen Mills in Tsawwassen, British Columbia, in fall 2016; Outlet Collection in Winnipeg, Manitoba, in spring 2017; Place Ste-Foy in Quebec City in spring 2017, and in Montreal Eaton Centre, which is merging with the space currently known as Complexe Les Ailes, in fall 2018.
These openings come on top of the three other Saks Off 5th sites revealed by Ivanhoé and HBC earlier this year, at the Outlet Collection at Niagara in Niagara-on-the-Lake, Ontario; Vaughan Mills in Vaughan, Ontario, and CrossIron Mills, in the greater Calgary region in Alberta.
Ivanhoé Cambridge has direct or indirect interests in over 160 million square feet of office, retail and logistics properties as well as in more than 23,000 multiresidential units.
Lord & Taylor, another division of HBC, opened its first “Find @ Lord & Taylor” off-price store Nov. 19, at 180 Route 4 East in Paramus, N.J. Up to ten Find @Lord & Taylor off-price stores are seen operating in 2016.