Saks Fifth Avenue's off-price retail concept Saks OFF 5TH has revealed the opening date of its next three Canadian stores, located in Toronto, Calgary and Edmonton. All three stores will open on September 1 of this year, and each will mark 'firsts' in their respective markets. Saks says it plans to operate up to 25 Canadian OFF 5TH locations by the year 2018.
A 27,000 square foot Toronto OFF 5TH will open at 1950 Queensway at The West Mall in Toronto. The property is owned and operated by Fima Developments. Saks OFF 5TH will compliment the nearby full-priced 143,200 Saks Fifth Avenue store at CF Sherway Gardens, which opened in February of this year. The Toronto OFF 5TH will be the first within Toronto's city boundaries, and the second for the Greater Toronto Area -- the region's first OFF 5TH opened in March of this year at Vaughan Mills. Analysts predict that the GTA will eventually house as many as eight OFF 5TH stores.
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A 31,900 square foot Edmonton store will open at South Edmonton Common next month -- the first of two confirmed for Alberta's capital city. South Edmonton Common is one of North America's largest open-air retail developments, and is owned and operated by Cameron Development Group. The centre is anchored by a number of large retailers, including a massive Ikea store as well as an innovative new format Canadian Tire Store, also the largest in Canada. Saks OFF 5TH also recently announced a second Edmonton store which will open in the spring of 2017 at Skyview Power Centre.
The Calgary Saks OFF 5TH will be located at Ivanhoé Cambridge's CrossIron Mills, and will measure about 30,000 square feet. CrossIron Mills is Calgary's only outlet concept -- the 1.2 million square foot centre sees about 9 million visitors annually and has yearly sales in excess of $300 million. Analysts predict that at least one more OFF 5TH location will open in or near Calgary.
Saks OFF 5TH has also announced plans for fall 2016 store openings at Tsawwassen Mills in South Delta, BC, as well as within the Hudson's Bay building in downtown Ottawa. Saks OFF 5TH launched in March of this year with four locations in Ontario.
We'll follow up this article with a summary of recently announced Canadian Saks OFF 5TH stores.