First Saks Fifth Avenue store opens in Toronto

A U.S. luxury goods chain has opened its doors for the first time in Canada.

The country’s first Saks Fifth Avenue store is having its grand opening Thursday in downtown Toronto.

See Full Article

The four-storey retailer is expected to carry an “extensive selection of beauty, designer apparel, shoes and accessories.”

Saks is the latest U.S. chain to make the move north. Another retail chain, Nordstrom, has already opened stores in Calgary, Vancouver and Ottawa.

But Saks is opening in Canada at a time when the economy is dwindling.

Doug Stephens, founder of Retail Prophet, says plans to open luxury chains were made at a time when the Canadian economy was strong, so the stores may now face an uphill battle.

Stephens said that consumers will expect a certain level of customer service from a luxury chain such as Saks.

“If they fail to deliver on that customer experience, it’s all over,” Stephens said on CTV’s Canada AM on Thursday. “Nothing else really matters.”

Still fresh in Canadian consumers’ minds is the “colossal failure” of Target to make inroads north of the border, Stephens noted.

The popular U.S. chain shut all its stores across Canada only less than two years after arriving north of the border.

However, Stephens says Saks is opening under a different set of circumstances.

“Target attempted to open over 200 stores in a very, very short period of time,” Stephens said. “In Saks’ case, we’re talking about seven (stores)."

Stephens said he doesn’t expect to see the same set of problems affecting Saks or Nordstrom in Canada.

“I don’t think you have the kind of anticipation necessarily, that Canadian consumers had of Target,” Stephens said, adding “the stakes were much higher.”

Saks plans to bring six more stores to Canada and as many as 25 stores under the Saks Off Fifth discount brand.



Advertisements

Latest Economic News

  • How to fight back against rising bank fees on chequing accounts

    Economic CBC News
    Canada's big banks continue to enjoy big profits. But that hasn't stopped them from charging customers a host of personal banking fees. In fact, fees have become an ever more important part of their revenues. Source
  • Bogus bongs or bogus lawsuits? Pipe maker sues over fakes

    Economic CTV News
    FORT LAUDERDALE, Fla. -- Don't want to bum your buzz, but that expensive bong you got cheap to smoke your pot may be bogus. High-end German glass water pipe maker Roor and its American licensee are filing lawsuits against smoke shops and mom-and-pop convenience stores in Florida, California and New York. Source
  • 'There isn't a best card out there': How to choose a credit card that works for you

    Economic CBC News
    Credit cards are sometimes lambasted as high-cost consumer debt that can quickly get borrowers into trouble. But if you pay off the balance each month, credit cards can also have significant perks. Loyalty programs like Air Miles, which has both a standalone program and partnerships with credit cards, have drawn a lot of criticism lately, but Canadians are still attached to credit cards that offer rewards. Source
  • Chevron says it has won the latest round in an Ecuadorian legal battle

    Economic CTV News
    Oil giant Chevron Corp. says it has won a round in the Canadian courts in a complex legal battle with a group of Ecuadorian villagers who are trying to collect on a massive judgement they won in Ecuador's courts. Source
  • Liberals ask President Trump to approve Keystone XL pipeline

    Economic CTV News
    Canada’s natural resources minister says that he hopes the new U.S. administration will allow the Keystone XL pipeline quashed by Barack Obama to proceed, noting that all Canadian regulatory approvals are in place. Jim Carr spoke to CTV’s Power Play from Washington, D.C. Source
  • Apple depicts Qualcomm as a shady monopolist in US$1B lawsuit

    Economic CTV News
    SAN FRANCISCO -- Apple is suing mobile chip maker Qualcomm for $1 billion in a patent fight pitting the iPhone maker against one of its major suppliers. The 100-page complaint filed Friday in a San Diego federal court depicts Qualcomm as a greedy monopolist abusing its power in a key segment of the mobile chip market to extort royalties for iPhone innovations that have nothing to do with Qualcomm's technology. Source
  • Trump's 'America first' tone worries head of Canadian oil and gas industry group

    Economic CTV News
    Trump takes charge: Sworn in as 45th president of the U.S.A. Source
  • Obama administration urges Canada to reverse Super Bowl ad decision

    Economic CTV News
    OTTAWA - In one of its final communications with Canada, the outgoing Obama administration is engaging in pigskin politics: asking the Trudeau government to overturn a regulation affecting ads during the Super Bowl. The U.S. Source
  • Oil and stock prices higher as Donald Trump sworn in

    Economic CBC News
    Stock markets responded to the first day of the Trump Administration in a largely positive way, with the Dow Jones, the Nasdaq and the S&P 500 all higher on the day of his swearing in. The Dow Jones Industrial Average was up by nearly 100 points to 19,829 just minutes before the new president formally acceded to the position. Source
  • Stocks higher as Donald Trump lays out glimpse of future economic policies

    Economic CBC News
    Stock markets responded to the first day of the Trump Administration in a largely positive way, with the Dow Jones, the Nasdaq and the S&P 500 all higher on the day of his swearing in. The Dow Jones Industrial Average was up by nearly 100 points to 19,829 just minutes before the new president formally acceded to the position. Source