Saks Fifth Avenue Enterprises (SFAE) consists of 54 Saks Fifth Avenue stores, 48 Saks Off 5th stores, and saks.com.
Saks Fifth Avenue is the successor of a business founded by Andrew Saks in 1867 and incorporated in New York in 1902 as Saks & Company. Andrew died in 1912 and in 1923 Saks & Co. merged with Gimbel Brothers, Inc., operating as a separate autonomous subsidiary. On September 15, 1924, Horace Saks and Bernard Gimbel opened Saks Fifth Avenue in New York City.
When Bernard's cousin Adam Gimbel became President of Saks Fifth Avenue in 1926 after Bernard's sudden passing, the company took on national aspirations. The very first branch store opened in 1926 in the city of Palm Beach, Florida as a resort store, followed by a Southampton resort store in 1928. The first full-line year-round Saks store was opened in Chicago in 1929, followed by another resort store in Miami Beach, Florida. In 1938 Saks expanded to the West Coast, opening in Beverly Hills, California. By the end of the 1930s Saks Fifth Avenue had a total of 10 stores, including resort locations such as Sun Valley, Mount Stowe and Newport. More full-line stores followed with Detroit in 1940 and Pittsburgh in 1949. In downtown Pittsburgh, the company moved to its own freestanding location approximately one block from its former home on the fourth floor in the downtown Gimbel's flagship. The San Francisco location opened in 1952. More expansion followed from the 1960s through the 1990s including Texas, the Midwest, and the South.
The chain's first international location, operated under license by SFAE, opened in Riyadh, Saudi Arabia, courting the wealth of the oil-rich Middle East and making Saks a global store. Locations would follow in the United Arab Emirates in Dubai City and Bur Dubai. In November of 2007, SFAE's fourth licensed international location opened in one of Mexico City's upscale shopping centers, the Centro Comercial Santa Fé, marking the brand's first foray into Latin America.
BATUS Inc. acquired Gimbel Bros., Inc. and its Saks Fifth Avenue subsidiary in 1973. In 1990, BATUS sold Saks to Investcorp S.A., which after investing in the company and weathering the early 1990s recession took Saks public in 1996 as Saks Holdings, Inc. In 1998, Saks Holdings Inc. was acquired by Proffitt's, Inc. Upon closing of the acquisition, Proffitt's changed its name to Saks Incorporated.
Since the purchase of Saks Fifth Avenue by Proffitt's Inc., the company stock has taken a beating from the original opening price when Saks Fifth Avenue became a public company. The new Saks Incorporated has had one change in business direction after another without the appearance of anyone in control or guiding the corporation. Saks Inc. has sold off all other retailers with the exception of Club Libby Lu, a small acquisition based in Chicago, Illinois, and SFA. The parent company still maintains a support center in Jackson, MS.
In 2005 vendors filed against Saks alleging unlawful chargebacks. The SEC formally investigated the complaint and Saks settled with the SEC in 2007.
In August 2007 the Post Office began an experimental program selling the plus Zip Code extension to businesses. The first company to do this was Saks Fifth Avenue which received the zip code of 10022-SHOE for the eighth floor shoe department in its flagship Fifth Avenue (Manhattan) store. Today, the New York flagship store accounts for 20% of the entire chain's annual revenue.
Saks Fifth Avenue Works With Microsoft To Launch Holiday Season With Sixth Annual Snowflake Spectacular With Special Guest Kristin Chenoweth.
Dec 07, 2009; Saks Fifth Avenue is working with Microsoft to combine fashion and technology to deliver the ultimate holiday treat on November...
HPD, FIFTH AVENUE COMMITTEE HOST RIBBON CUTTING CEREMONY TO CELEBRATE OPENING OF BROOKLYN'S NEWEST AFFORDABLE, SUPPORTIVE HOUSING DEVELOPMENT.
Jul 23, 2010; BROOKLYN, N.Y. -- The following information was released by the NYC Department of Housing Preservation and Development (HPD):...
A FULL FRONTAL ON THE FIFTH AVENUE FLUX--PRADA AND THE GAP, A/ X AND THE NBA STORE MOVE IN, BUT THE NEW NEIGHBORS MAKE FOR A SCHIZOPHRENIC MIX OF LUXE AND MODERATE. WHAT DO THE THEY HAVE IN COMMON? GLOBAL AMBITION AND AN IMAGE FEST.
Sep 25, 1998; NEW YORK -- The recollections vary. Some remember Fifth Avenue as the exclusive home of Cartier and Bergdorf Goodman. Others...