Saks Off 5th to open first German store in June
On 8th June Saks Off 5th will open its inaugural German branch in Düsseldorf, a 3,500 square metre store on Heinrich Heine Platz. It will be the first of a least forty branches Saks is planning to open in the country.
Parent company Hudson Bay revealed the plan a year ago, as part of a huge investment undertaking worth $1.5 billion over seven years, designed to exploit the group's real estate assets in Europe. Among them, the properties in Germany, Belgium and Holland taken over in 2015 with the acquisition of retailer Galeria Kaufhof for $3.9 billion.
The first German branch for the outlet store offshoot of Saks 5th Avenue will offer a range of menswear and womenswear lines from selected high-end labels, inside a newly renovated five-floor building. The interior layout will be replicated in Saks Off 5th's other branches, with openings planned in Frankfurt, Stuttgart, Heidelberg and Wiesbaden, as well as in Rotterdam in the Netherlands.
Galeria Kaufhof is instead based in Cologne, Germany, and operates some one hundred stores in the country, plus another sixty or so catering branches. On 26th April, the group's board of directors appointed as President Wolfgang Link, the former CEO Central Europe for Toys R Us. Hudson Bay operates a network of 480 stores, and in the fiscal year closed at the end of January it recorded a revenue of $4.6 billion, up 2.5% over the previous year.
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