Business News | November 2007
|Saks Fifth Ave. Opens in Mexico City|
Jeff Miller - Rapaport
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Saks Incorporated has expanded its international presence by opening its first Saks Fifth Avenue store in Mexico today.
The tri-level, 150,000 square foot store is located in the Santa Fe Shopping Center, an upscale development in Mexico City. The store is congruent with the Saks Fifth Avenue stores in the United States in both product and service, while catering to local tastes and preferences.
Saks Fifth Avenue Mexico City includes numerous in-store amenities such as restaurants, luxury fitting rooms, and the Fifth Avenue Club - its complementary personal shopping service. The store will also offer an ongoing calendar of special events such as fashion shows and personal appearances by designers.
The Company entered into a license agreement with Operadora de Tiendas Internacionales, S. A. de C. V., a wholly owned affiliate of Grupo Sanborns, S. A. de C. V. to locate and develop appropriate sites for potential Saks Fifth Avenue stores in Mexico. Grupo Sanborns will own and operate the stores under the license agreement with Saks Fifth Avenue. The Santa Fe store is the first location to open under the agreement.
Stephen I. Sadove, chairman and CEO of Saks, said, "This wonderful city, and the Santa Fe Shopping Center in particular, is a great shopping and tourist hub. We have worked closely with Grupo Sanborns to deliver a unique, world-class selection of luxury brands and experiences to the residents of and visitors to Mexico City, and I hope that they will be pleased with our offerings."
Carlos Hajj, CEO of Grupo Sanborns, said, "We believe that we will fill a void that currently exists in the Mexican market by catering to a discerning luxury customer. We are going to do our best to satisfy our customer's expectations by providing superior personalized customer service, world class brand merchandise and amenities in the store. The store was built thinking of its customers, with world class in-store shop-in-shop boutiques such as Salvatore Ferragamo, Kiehl's, Hermes, Giorgio Armani, among others, which have created an extraordinary ambiance in the store."