Saks' inquiries have been ongoing in Canada for the past 24 months, though they may cease temporarily now that the company is organizing for a possible sale. Saks could find Canadian business difficult since many of its core designer labels already have exclusivity agreements with Holt Renfrew, Canada's answer to Saks.
Saks Fifth Avenue would likely struggle in Canada given the popularity (and current profitability) of Holt Renfrew. Holt Renfrew's nine Canadian stores each generate between $800 and $1000+ per square foot according to inside sources, considerably higher than most Saks Fifth Avenue stores. Holt Renfrew's per square foot sales are some of the highest in the world for such a retailer.
|Hudson's Bay store in Toronto that was considered for conversion to a Bloomingdale's [Image Source]|