Home Blog Page 1400

SAKS REACHES AGREEMENT WITH INVESTORS ON HUDSON’S BAY PURCHASE

By
Retail Insider
-
Image: Saks Fifth Avenue

Saks Fifth Avenue (Saks Inc.) said it reached an agreement to settle lawsuits by investors seeking to block the retailer’s $2.4 billion acquisition by Canadian department-store chain Hudson’s Bay Co.

The agreement decreases the potential termination fee from Saks to Hudson’s Bay if the deal fails, and shortens the period in which the Canadian company can match any alternative offer, Saks said today in a regulatory filing. The agreement will pave the way for the dismissal of the lawsuits, the company said.
Hudson’s Bay agreed in July to pay $16 a share in cash, a 30 percent premium to New York-based Saks’ closing price on May 20, the day before reports emerged that Saks was exploring alternatives. Investors including Thomas Jennings and Samuel Cohen filed suits against Saks, its directors and Hudson’s Bay. Jennings had said the proposed deal undervalued Saks.
The transaction would bring together the Hudson’s Bay, Lord & Taylor and Saks Fifth Avenue brands, creating a company with more than 300 stores and revenue of about $7 billion.
Reporter on this story: David Risser. Editor responsible for this story: Paul Jarvis. Source: Bloomberg

[Hudson’s Bay Company website]
[Saks Fifth Avenue website]

HUDSON’S BAY LAUNCHES NEW WOMEN’S CLOTHING LINE CALLED ‘424 FIFTH’

By
Retail Insider
-
424 Fifth Avenue, the address of HBC-owned Lord & Taylor's flagship store in Manhattan

The Hudson’s Bay Company has launched a new women’s sportswear line called 424 Fifth. It will be carried in all Hudson’s Bay stores, as well as American Lord & Taylor stores. It launches next January and will be 424 Fifth’s first spring collection.

Some Hudson’s Bay locations will carry the collection in dedicated shops-in-store, including the collection’s ready-to-wear as well as accessories.

The collection is named after the address of the flagship Lord & Taylor store at 424 Fifth Avenue in Manhattan.

The Hudson’s Bay Company is looking to expand its private-label business. Private-labels account for about 9% of HBC sales and according to Womens Wear Daily, HBC wants to grow it to about 15% of sales within 3-5 years.

According to a press release, the collection will include pieces in the $29-300 range. For more details on the collection, click here for the press release. 

[Source: Press Release]

[Hudson’s Bay website]

VERDURA JEWELLERS OPENS FIRST CANADIAN SHOP IN TORONTO

By
Retail Insider
-
Photo: Mindham Fine Jewellery Facebook Page

NYC-based luxury jeweller Verdura opened its first Canadian store location yesterday in Toronto. It’s a shop-in-store located within Mindham Fine Jewellery at 37 Hazelton Avenue in Toronto’s affluent Yorkville area.

Later this month, the company will unveil Coco Chanel’s original early-1930’s Maltese Cross cuffs, created by Verdura. It will be available at the Toronto store. 

The Mindham Fine Jewellery store occupies a former home and is across the street from Hazelton Lanes, a shopping centre that will see an expansion and renovation to include more luxury retailers. The store’s owner, Miles Mindham, is also a jewellery designer. The store includes his designs as well as designer timepieces by the likes of Franck Muller and Bedat & Co.

Verdura operates one retail location in Manhattan, and is distributed through selected retailers including Neiman Marcus.

Thank you to Retail Insider ACT7 of Urban Toronto for providing us with this article’s tip.

[Mindham Fine Jewellery website]

[Verdura website]

NORDSTROM COULD OPEN IN THE TORONTO EATON CENTRE WITH NEW SEARS CEO

By
Retail Insider
-
Photo: Toronto Eaton Centre

Nordstrom could open at the Toronto Eaton Centre, now that Sears Canada has a new CEO who’s reportedly willing to sell store assets. 

On Friday October 18th, Sears CEO Douglas Campbell told the Globe & Mail that he would consider selling Sears’ Toronto Eaton Centre location for the right price. This could open the way not only for Nordstrom, but  also for redevelopment that could include multiple retailers as well as possibly a second anchor store such as La Maison Simons. 

The Toronto Eaton Centre Sears store is about 816,000 square feet over several floors. Though it’s unlikely that the top levels would be used for retail, a substantial amount of space could become available that could create an exciting cluster of new retailers in the mall, including possibly Nordstrom’s Canadian flagship store.

In the past 14 months, Sears Canada has sold off several of its leases to mall landlords. In the summer of 2012, Sears sold its leases in Vancouver, Calgary and Ottawa, paving the way for Nordstrom’s first Canadian stores. Sears subsequently sold two leases in the Toronto area, resulting in speculation that La Maison Simons may move in. Sears also announced a $1 billion project to redevelop its Burnaby BC real estate at Metrotown. 

Our source for this article is this article by Marina Strauss of the Globe & Mail.

[Toronto Eaton Centre website]

[Sears Canada website]

[Nordstrom website]

RETAIL INSIDER READERS CAN RECEIVE A DISCOUNT ON RETAIL ASSEMBLY’S ONLINE COURSES/WORKSHOPS

By
Retail Insider
-
Retail Insider and Retail Assembly

Retail Assembly is offering a discount on its online retail-related courses and workshops to our readers, available until October 31st. 

Being that they’re online, these programs are created with accessibility and convenience in mind: all courses and workshops offer the flexibility of taking them from anywhere, anytime. Therefore, those who might be too busy or inconvenienced by attending scheduled classroom courses can benefit from this education.

Retail Assembly’s educational materials are designed by industry professionals and experts who appreciate the business side of retailing, and who want to educate others in this very competitive industry. 

Retail Assembly has a variety of courses and workshops. We direct you to this link which includes a list of courses as well as a discount for you readers.

[Link to Retail Assembly’s discounted courses and workshops]

[Retail Assembly website]

WORLD’S MOST EXPENSIVE BOTTLE OF WINE SELLS AT TORONTO’S SUMMERHILL LCBO

By
Retail Insider
-
Summerhill LCBO in Toronto

A $168,000 bottle of wine has sold at Toronto’s Summerhill LCBO (Liquor Control Board of Ontario) store, according to the Toronto Star. The Summerhill LCBO is located in Toronto’s affluent Rosedale area. 

The Penfolds Ampoule is a limited-edition Australian wine, one of only 12 handmade bottles ever produced. This is only the third bottle in the world to sell – the first two sold in Hong Kong and Singapore. 

Interestingly, the purchase price will include a visit from a senior member of the Penfolds wine making team, who will personally attend a special opening ceremony. 

Thank you to Retail Insider Karim Rashwan for directing us to this Toronto Star article about the wine’s purchase. 

[Penfolds Ampoule website]

[LCBO website]

UPDATE: DOWNTOWN TORONTO’S OXFORD PLACE HAS BEEN PUT ON HOLD

By
Retail Insider
-

Toronto’s proposed Oxford Place mega-project has been put on hold. It would have included a substantial retail mall that could have rivalled the Toronto Eaton Centre in size. Oxford Properties’ CEO made this revelation to The Globe & Mail in this article. 

One of the reasons the project was put on hiatus is because the City of Toronto voted against allowing a casino on the premises. A casino was considered to be key for Oxford Place’s success. 

We first reported on Oxford Place in October, 2012. The ~1 million-square foot retail project could have housed multiple anchor tenants as well as a massive shopping centre. We subsequently provided renderings of the project, raising optimism that a substantial luxury retail component could be included.

Rendering: Oxford Place

Other new Downtown Toronto shopping centres may still be developed. In November 2012, we reported on a possible half-million square foot mall where the Globe & Mail headquarters are currently located. In January we reported on a retail component that could be part of a major residential/commercial project at the foot of Yonge Street.  In March we reported on a proposal for a 750,000 square foot mall as part of a proposed mega-project at Toronto’s Exhibition Place. Most recently, we reported on a possible large shopping centre adjacent to Toronto’s Ryerson University. 

Source: Globe & Mail article

[Oxford Place website]

[Oxford Place proposal]

[Oxford Properties website] 

DE BEERS HAS OPENED ITS FIRST CANADIAN STORE IN VANCOUVER

By
Retail Insider
-
De Beers (Photo: Colin Arber)

De Beers opened its first Canadian store this weekend at 1088 Alberni Street in Downtown Vancouver. The two-level store sits adjacent to a Tory Burch store which also opened over the weekend. Both stores are expected to be joined by two more luxury retailers, once spaces have been leased. 

For those unfamiliar, De Beers is a diamond company that also retails its wares in a few select cities around the world. De Beers stores are beautiful, product is pricey, and having a De Beers store is considered a prestigious addition to any retail location. De Beers currently has 8 North American locations, all in the United States (9 if you include Hawaii). The company has 46 stores world-wide, 26 of which are located in Asia.

De Beers will open its second Canadian retail location this fall within Holt Renfrew at the Yorkdale Shopping Centre in suburban Toronto. We’re not sure if any more Canadian locations will follow, though Retail Insider’s Karim Rashwan speculates that we could see a second Toronto De Beers store somewhere in the Yorkville area. 

[De Beers website]

TORY BURCH OPENS 3RD CANADIAN STORE IN DOWNTOWN VANCOUVER

By
Retail Insider
-
Tory Burch location on Alberni Street in Vancouver.
Tory Burch location on Alberni Street in Vancouver. Photo: Colin Arber

Tory Burch has opened its third Canadian store at 1092 Alberni Street in Downtown Vancouver. It’s located next door to luxury diamond retailer De Beers, which also opened over the weekend. Two more luxury retailers are expected to join them. 

The store is over 3,000 square feet and spans two retail floors. 

Tory Burch’s first two Canadian locations are at Chinook Centre in Calgary, and at the Yorkdale Shopping Centre in Toronto.

Tory Burch is a popular New York City-based designer brand that is also carried in Canada at Holt Renfrew. The label includes women’s clothing, shoes and accessories.

DE BEERS TO OPEN 2ND CANADIAN LOCATION IN TORONTO

By
Retail Insider
-
Image: De Beers

De Beers will open its second Canadian retail location within Yorkdale Shopping Centre’s Holt Renfrew. Construction hoarding is up, and it opens this fall. It will be the first De Beers in North America to be located within a department store. 

De Beers’ first Canadian store opens soon in Vancouver. We first reported on the Vancouver De Beers in February, when we discovered that it would occupy space in The Carlyle, a luxury retail development on Vancouver’s upscale Alberni Street. 

For those unfamiliar, De Beers is a diamond company that also retails its wares in a few select cities around the world. De Beers stores are beautiful, product is pricey, and having a De Beers store is considered a prestigious addition to any retail location. De Beers currently has 8 North American locations, all in the United States (9 if you include Hawaii). The company has 46 stores world-wide, 26 of which are located in Asia.

Thank you to source ACT7 of Urban Toronto for notifying us of this story. 

We’ll keep you updated if De Beers decides to open further Canadian locations.

[Holt Renfrew website]

[De Beers website]

1...1,3991,4001,401...1,443Page 1,400 of 1,443