Saks Inc. (SKS), the New York-based fashion apparel and accessories retailer, inaugurated its new store in Syracuse’s Carousel Center, a shopping mall located in the heart of New York.
Carousel Center mall houses 200 retail and outlet stores, a movie theatre, five restaurants, a food court, a race track and bowling center, and indoor carousel. Saks’ new store, Saks Fifth Avenue OFF 5TH will be located in the new expansion of the mall, called Destiny USA. The location of the mall allows Saks to attract consumers from Upstate New York region, along with parts of Canada and Pennsylvania.
The new store will have the format of ‘luxury-in-a-loft’ store design, which is a popular layout of retail outlets that boosts efficiency and flexibility. It will offer women’s and men’s apparels, fine jewelry, and children’s collections and also sell popular brands like Stella McCartney, St. John, Donna Karan, Hugo Boss, Fred Perry, Robert Graham.
Saks has plans to open two more Saks Fifth Avenue OFF 5TH stores at the Gallery mall at Westbury Plaza, Long Island, New York and Grand Prairie Outlets, Grand Prairie, Texas in August 2012.
Saks Fifth Avenue OFF 5TH stores offer designer clothing and accessories at discounts of 40% to 70% on the original and comparable prices. Currently, excluding the new store, there are 62 Saks Fifth Avenue OFF 5TH stores across the country.
Saks faces stiff competition from JC Penny Company Inc. (JCP). Currently, we have a long-term Neutral recommendation on Saks Inc., which carries a Zacks #3 Rank (short-term Hold rating).
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