First Saks Off 5th Opening In New York City

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.