High-End Department Store Takeovers: The Hudson’s Bay Company to Buy Saks for an Unprecedented $2.9 Billion

Fashion media was a buzz yesterday with news that the Hudson’s Bay Company is planning on purchasing Saks Inc. in a deal, which would pay Saks $16 US per company share and also relieve the American department store of its prior debt, that is estimated to be worth $2.9 billion US.

There is still a chance that the deal could fold, as Saks has 40 days to accept offers from other interested buyers. But should it be finalized, Canadian consumers who previously would have had to cross the border or shop online to enjoy the Saks brand will be able to make their way to one of seven Saks Fifth Avenue locations or as many as 25 Saks Fifth Avenue OFF 5TH outlet stores within Canada.

Authored by John Ibbitson

Image from The Toronto Sun

Fashionably Expanding Department Stores: Simons to Bring Quebec-Based Couture to Toronto Streets

If you ask any fashionable Canadian for advice on the best places to shop in Canada, department store Simons, which is located mostly in the province of Quebec, would definitely top their list. The family-operated chain of stores has been known to the style conscious for years as a one-stop shop for finding the best in affordable, fast fashions, in-house labels and designer apparel. 

With recent plans to expand the chain across Canada, Torontonians have eagerly been waiting for news regarding a possible store opening in their city after the first store located outside of Quebec opened its doors at the West Edmonton Mall last year. Now, it seems as if this plan may happen sooner than expected as the company is negotiating for retail space in both Yorkdale and Square One shopping centres. 

However, Simons does have some heavy competition against them coming from out of the south. The ever-popular, American department store, Nordstrom, which is also a favorite of Canadian shoppers, has also entered in the bid for the store space that is currently being leased by Sears. Time will tell who will win this battle, but THE BRUNETTES are showing their Canadian pride and rooting for Simons. 

Authored by John Ibbitson

Image from Toronto Life