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Saks Fifth Avenue

The American luxury retail brand Saks Fifth Avenue started more than 150 years ago in Washington, D.C. Its iconic flagship on Fifth Avenue in Midtown Manhattan opened almost 100 years ago and its location was added to the company name. Saks Fifth also led to the Saks OFF 5th brand that grew around the country.

Hudson's Bay Company (HBC) acquired Saks Fifth in 2013. However, HBC, which sold Lord & Taylor for a low-low $100 million in 2019, was already struggling leading up to the global coronavirus pandemic. And the landlord was seriously hurt by the economic downturn like most retailers, suffering from closures and restrictions — particularly in major retail districts in New York and California, which imposed the strictest capacity limits on shopping centers and brick-and-mortar locations in the nation.

Toronto-based HBC temporarily laid off more than 500 retail workers in New York City alone due to the pandemic, and landlord Charles Cohen filed a lawsuit against Saks & Company for skipped rent for its Saks OFF 5th division in Midtown Manhattan. Further, the iconic, 156,300-square-foot Beverly Hills Saks Fifth building off Rodeo Drive was as of late 2020 set to be sold at foreclosure due to alleged missed mortgage payments by HBC and Simon Property Group. Although, the foreclosure proceedings will not impact their stores or operations.

During the pandemic, retail brands re-evaluated real estate needs and overall brick-and-mortar strategy while ecommerce and online sales continued to soar, but vaccine distribution brought hope for a recovery and pent-up demand for experiential-based consumer behaviors.

In a Convene location in New York City, workers mill about in a shared room with wooden desks and white walls.
Industry
New York City

HBC Takes Majority Stake in Flexible Office Provider Convene

By Celia Young
Premium
The Saks Fifth Avenue building.
Finance  ·  Coronavirus
New York City

Saks E-Commerce Unit Preparing for $6B IPO

By Celia Young
Premium
Some retail and restaurant frontage at the Tysons Galleria mall in McLean, Va.
Finance  ·  CMBS
Washington DC

Brookfield REIT Nabs $425M CMBS Loan on Tysons Galleria Mall in Virginia

By Mack Burke
Premium
Andrew Cuomo
Features
National

Sunday Summary: The Big Cuomo Bombshell

By The Editors
Premium
Saks Fifth Avenue Manhattan flagship.
Industry
New York City

WeWork to Operate Coworking Outposts in Saks Fifth Avenue Stores

By Nicholas Rizzi
Premium
American Dream Mall
Features
National

Sunday Summary: American Dream Mall, COVID Relief and Pink Chicken

By The Editors
Premium
Saks Fifth Avenue
Industry  ·  Retail
National

Saks Fifth Avenue Owner Spinning Off E-Commerce Into Separate Entity

By Nicholas Rizzi
Premium
An open street with stores on either side.
Leases  ·  Analysis
San Francisco

New Lows for Luxury High Street Retail Across the US

By Greg Cornfield
Premium
Rockefeller Center.
Features
National

Sunday Summary: So, That Was Christmas

By The Editors
Premium
Barneys Store Sign
Industry
New York City

Barneys Returning to NYC Next Year Inside Saks Fifth Avenue

By Nicholas Rizzi
Premium
Gov. Gavin Newsom issued the “limited” order that requires nonessential work, movement and gatherings to stop between 10 p.m. and 5 a.m. in counties in the purple tier. That includes Los Angeles County, Orange County and about 94 percent of the state’s population.
Features
National

Sunday Summary: This Is Why We Can’t Have Nice Things!

By The Editors
Premium
The Beverly Hills Saks Fifth Avenue department store in Beverly Hills.
Finance  ·  CMBS
Los Angeles

Beverly Hills Saks Fifth Building to Be Sold at Foreclosure: Updated

By Greg Cornfield
Premium
Saks Fifth Avenue
Coronavirus
New York City

Saks Fifth Avenue Parent Company Lays off 507 NYC Workers

By Nicholas Rizzi
Premium
Macy's flagship location.
Industry
National

Macy’s to Close 125 Stores Nationwide and Lay Off 2,000 Workers

By Nicholas Rizzi
Premium
Barneys New York filed for bankruptcy protection, partly blaming a dramatic rent increase at its 660 Madison Avenue flagship.
Industry
New York City

Following Barneys Sale, Ashkenazy Strikes Temporary Deal at 660 Madison

By Nicholas Rizzi
Premium
Lord & Taylor will be sold to Le Tote for $100 million.
Industry
National

Lord & Taylor to Be Sold for $100M, Outlines Real Estate Strategy

By Nicholas Rizzi
Premium
American Dream Mall.
Industry
New Jersey

American Dream Mall Announces October Opening

By Nicholas Rizzi
Premium
Brookfield Place
Leases  ·  Retail
New York City

Convene Leasing Former Saks Space at Brookfield Place for an Event Venue

By Nicholas Rizzi
Premium

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July 28th 2020 Magazine Issue Cover
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