Saks Fifth Avenue could open at West Edmonton Mall. The mall is actively courting upscale retailers and it is reported that Saks could be next.
We previously reported that West Edmonton Mall could get a Saks store, though possibly not within its Hudson's Bay department store. West Edmonton Mall's Hudson's Bay is only about 164,000 square feet, and a full-sized Saks would ideally be in the 75,000-130,000 square foot range. We're not yet sure if Saks will open smaller boutiques within existing Hudson's Bay stores.
The Globe & Mail reports that West Edmonton Mall president David Ghermezian intends to approach Hudson's Bay Company CEO Richard Baker about opening Saks in the mall. Ghermezian has successfully secured other upscale tenants for West Edmonton Mall, including Hugo Boss, Tiffany & Co. and a 118,000 square foot La Maison Simons store. He is also spending over $100 million to upgrade the mall.
West Edmonton Mall is a family owned shopping centre. It therefore may have the flexibility to make deals with retailers that others malls might not. Ghermezian made concessions to open La Maison Simons and we're told that Simons is doing gangbusters sales. Given the flexibility and previous efforts to secure tenants like Simons, we might see similar efforts put forth for Saks.
The Globe & Mail reports that West Edmonton Mall now achieves sales of about $745 per square foot, up from $450 five years ago. Ghermezian expects sales of $1,000 per square foot within the next few years. Given these numbers and the efforts of its owners, West Edmonton Mall could see new and exciting retailers including Saks Fifth Avenue and possibly Nordstrom.
[Saks Fifth Avenue website]
[West Edmonton Mall website]