Sakes Fifth Avenue

Saks Fifth Avenue is a luxury department store focused on high-end fashion, accessories, beauty, and home goods, serving affluent shoppers across major North American markets. Today the brand centers on its iconic Fifth Avenue flagship in New York City, supported by a network of full-line Saks Fifth Avenue stores, Saks OFF 5TH outlet locations, and a significant e-commerce business that allows the company to reach customers far beyond traditional trade areas. As of October 2024, Saks operates 39 full-line Saks Fifth Avenue stores, while Saks.com and the brick-and-mortar fleet are run by Saks.com LLC. Saks OFF 5TH functions as a related but separate off-price division within the broader Hudson’s Bay Company structure.

The company’s origins go back to 1867, when Andrew Saks launched a clothing business in Washington, D.C., that later moved into New York. The modern Saks Fifth Avenue brand began in 1924, when Horace Saks and Bernard Gimbel opened the flagship store at Fifth Avenue and 50th Street in Manhattan. Over the following decades, Saks expanded into major cities such as Boston, Chicago, Beverly Hills, and Miami, establishing itself as a premier American luxury department store and a familiar anchor in leading urban retail corridors and top-tier malls.

A notable milestone in the company’s evolution came when Hudson’s Bay Company acquired Saks in 2013, bringing it into a portfolio that includes other well-known retail banners. In 2021 the e-commerce business was separated into Saks.com LLC, with Hudson’s Bay Company retaining majority ownership and Insight Partners taking a minority stake. This structure is intended to accelerate digital growth while keeping physical stores and online operations coordinated on merchandising and customer experience.

As of October 2024, Saks Fifth Avenue is in a period of careful optimization rather than broad physical expansion. The company has closed a number of underperforming regional locations in recent years as part of a wider pullback among luxury department stores, while investing in key flagships and a short list of high-performing markets. The New York Fifth Avenue flagship remains the centerpiece of the brand and continues to host major events and designer activations. New full-line openings are uncommon and tend to occur only in exceptional luxury corridors or as relocations within strong trade areas. Saks OFF 5TH has adjusted its own footprint with selective openings and closures, keeping its overall outlet count relatively stable.

Over roughly the past five years, the brand has shifted from a traditional department store model toward a more tightly curated, omnichannel luxury platform. Stores now play a larger role in digital fulfillment, services, and experiential elements that support online sales, rather than simply functioning as standalone retail boxes. The company has concentrated its presence in prime urban luxury corridors, high-street locations in top-tier metros, and Class A regional malls with strong luxury tenancy. This approach results in a smaller but more productive fleet, anchored by highly visible flagships and supported by a strong e-commerce arm.

For landlords, brokers, and developers, Saks Fifth Avenue functions as a recognizable luxury anchor with the ability to draw destination traffic and support premium merchandising environments. Its focus on prime positions in urban cores and top regional centers, combined with ongoing investment in key flagships and digital capabilities, makes the brand an important consideration in projects aimed at attracting global luxury shoppers and high-spend domestic customers.