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NEW YORK, May 05, 2010—Saks Incorporated (“Saks” or the “Company”) today confirmed plans for its continued growth this year with four new Saks Fifth Avenue OFF 5TH (“OFF 5TH”) stores and the complete renovation of an existing OFF 5TH store.
New OFF 5TH stores will open in metropolitan Pittsburgh, Pennsylvania; Portland, Oregon; Houston, Texas; and Raleigh/Greensboro, North Carolina, and the OFF 5TH store in Riverhead, New York is undergoing renovation. The new OFF 5TH stores will range between approximately 23,500 and 29,000 square feet.
Robert Wallstrom, President of OFF 5TH, noted, “We are very pleased to continue the growth underway at OFF 5TH.” The new and renovated stores will mirror the Company’s innovative prototype store which opened with much success in 2008 in Orlando, Florida. Since then, the Company has opened ten new-formatted OFF 5TH stores across the country. The new OFF 5TH store design features a “luxury in a loft environment” that is modern and easy to shop including open floor plans, moveable fixtures, and brighter lighting. These new stores also feature enhanced merchandise offerings in several categories including jewelry, shoes, sunglasses and skincare.
Wallstrom continued, “Not only does our new format better showcase our merchandise selections and create a wonderful shopping environment, but we also have enhanced customer service through increased staffing.”
An OFF 5TH store is scheduled to open in late May 2010 in the Tanger Factory Outlets in Washington, Pennsylvania, a suburb of Pittsburgh. The Company currently operates one other OFF 5TH location in Pennsylvania in Franklin Mills (metropolitan Philadelphia), which was the first outlet location for the Company which opened in 1995.
An OFF 5TH store is scheduled to open in September 2010 in Bridgeport Village in Tigard, Oregon, a suburb of Portland. The store will be the Company’s first OFF 5TH store in the Pacific Northwest.
An OFF 5TH store is scheduled to open in November 2010 at Houston Premium Outlets in Cypress, Texas, northwest of downtown. In Texas, the Company currently operates OFF 5TH locations in metropolitan Dallas (Grapevine and Park Lane), metropolitan Houston (Katy and Stafford), metropolitan Austin (San Marcos), San Antonio, and Mercedes.
An OFF 5TH store is scheduled to open in November 2010 in the Tanger Outlet Center of the Piedmont in Mebane, North Carolina. Mebane is located in the heart of the Piedmont region between Raleigh and Greensboro. The Company operates existing OFF 5TH locations at the Triangle Factory Shops in metropolitan Raleigh and in Concord Mills in Concord.
The Riverhead store that is currently located in the Tanger Outlet Center in Riverhead, New York is the first in the chain to receive a complete remodel to reflect the Company’s new concept. The approximate 24,700 square foot store is remaining open and continuing to serve customers during the renovation, which is occurring in two phases until the grand re-opening on June 3, 2010. In addition to the Riverhead store, the Company currently operates four other OFF 5TH locations in New York including Deer Park (Long Island), Niagara Falls, Westbury, and Central Valley.
About Saks Fifth Avenue OFF 5TH and the Company
Saks Fifth Avenue OFF 5TH is the savvy shopper’s premier source for value-priced designer clothing and accessories, offering customers an exceptional array of both coveted designer names and unique merchandise under the Saks Fifth Avenue label. Saks Fifth Avenue OFF 5TH places the highest priority on style, selection, and customer service.
Store design renderings and Saks Fifth Avenue OFF 5TH store photos are available upon request.
Saks Incorporated currently operates Saks Fifth Avenue, which consists of 53 Saks Fifth Avenue stores, 55 Saks Fifth Avenue OFF 5TH stores, and saks.com. The Saks Fifth Avenue OFF 5TH stores are located in 23 states.
The information contained in this press release that addresses future results or expectations is considered “forward-looking” information within the definition of the Federal securities laws. Forward-looking information in this document can be identified through the use of words such as “may,” “will,” “intend,” “plan,” “project,” “expect,” “anticipate,” “should,” “would,” “believe,” “estimate,” “contemplate,” “possible,” and “point.” The forward-looking information is premised on many factors, some of which are outlined below. Actual consolidated results might differ materially from projected forward-looking information.
The forward-looking information and statements are or may be based on a series of projections and estimates and involve risks and uncertainties. These risks and uncertainties include such factors as: the level of consumer spending for luxury apparel and other merchandise carried by the Company and its ability to respond quickly to consumer trends; macroeconomic conditions and their effect on consumer spending; the Company’s ability to secure adequate financing; adequate and stable sources of merchandise; the competitive pricing environment within the retail sector; the effectiveness of planned advertising, marketing, and promotional campaigns; favorable customer response to relationship marketing efforts of proprietary credit card loyalty programs; appropriate inventory management; effective expense control; successful operation of the Company’s proprietary credit card strategic alliance with HSBC Bank Nevada, N.A.; geo-political risks; the performance of the financial markets; changes in interest rates; and fluctuations in foreign currency and exchange rates. For additional information regarding these and other risk factors, please refer to the Company’s filings with the SEC, including its Annual Report on Form 10-K for the fiscal year ended January 30, 2010, its Quarterly Reports on Form 10-Q, and its Current Reports on Form 8-K, which may be accessed via EDGAR through the Internet at www.sec.gov.
The Company undertakes no obligation to correct or update any forward-looking statements, whether as a result of new information, future events, or otherwise.
SOURCE: Saks Incorporated
Saks Incorporated Julia Bentley, 865-981-6243 firstname.lastname@example.org www.saksincorporated.com
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