First Saks Off 5th Opening In New York City

By Tonya GarciaMarketWatch Pulse

The first Saks Off 5th will open in New York City on March 3, and it will feature the first-ever Gilt in-store shop, the company said in a Tuesday release. Saks Off Fifth, an off-price retailer, is part of Hudson's Bay Co. , which also owns Saks Fifth Avenue, Lord & Taylor and other retailers. Hudson's Bay Co. purchased e-commerce retailer Gilt Groupe Inc. for $250 million in Jan. 2016. The new Saks Off Fifth location will be in Midtown Manhattan. A second Saks Off Fifth will open in downtown Manhattan in Fall 2017. Shares of Hudson's Bay Co. are down 30.8% for the past 12 months while the S&P 500 is down 9.4% for the same period.

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