Shoppers at Saks Inc.’s subsidiary Saks Fifth Avenue will enjoy their shopping even more in the newly renovated store ‘The Fifth Man’ from Jan 2014. The new store exclusively for men is under Saks’ Chicago flagship and is located in Michigan Avenue.
Saks in collaboration with award-winning luxury retail designers Jeffery Hutchison & Associates, has renovated the sixth and seventh floors and have given a total new look creating to the store with an open and warm environment for its shoppers. The décor includes oak planking floor covers from the Netherlands accompanied by classic and contemporary furniture to make customers comfortable.
The sixth floor of the store has a classic look and gives the shoppers a clubby environment and has luxury brands such as Kiton, Isaia, Brioni, Ermenegildo Zegna, Brunello Cucinelli and Salvatore Ferragamo. It will also include a customized area for made-to-measure suiting. The floor will also feature an expansive new shoe shop for men that will link the two floors. The shop will feature more than 500 unique styles of shoes for the shoppers to choose.
The seventh floor will feature designer sportswear and revamped denim offering. Saks will also debut its new restaurant and bar in the store, called Sophie’s, overlooking scenic views of the Magnificent Mile.
The new store is expected to boost sales in the coming quarter as it will attract classy customers from both young and older generations. This will be beneficial for Saks which has witnessed declining same store sales due to tough retail conditions for the last few months. Currently Saks carries a Zacks Rank #4 (Sell).
Several luxury departmental chains like Macy’s Inc. (M - Analyst Report), Michael Kors (KORS - Analyst Report) and PVH Corp. (PVH - Analyst Report) are revamping and doubling the square footage of their stores to cater to modern shoppers. Moreover, the luxury retail sector has escaped the economic slowdown as the macroeconomic headwinds had little effect on the rich.