Saks Fifth Avenue

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Saks Fifth Avenue

Saks Fifth Avenue is a luxury American

United States

The United States of America is a Federal government constitutional republic comprising U.S. state and a federal district. The country is situated mostly in central North America, where its Contiguous United States and Washington, D.C., the Capital districts and territories, lie between the Pacific Ocean and Atlantic Oceans, Borders of the U...
department store

Department store

A department store is a retail establishment which specializes in selling a wide range of products without a single predominant Merchandise#Product_line....
owned and operated by Saks Fifth Avenue Enterprises (SFAE), a subsidiary of Saks Incorporated

Saks Incorporated

Barneys New York

Barneys New York is a chain of luxury department stores headquartered in New York City, headed by Judy Collinson, EVP and GMM of the Women's Division and Tom Kalendarian, EVP and GMM for the Men's Division....
, Bergdorf Goodman

Bergdorf Goodman

Bergdorf Goodman is a luxury goods department store based in Midtown, Manhattan in New York City. It is owned by Neiman Marcus....
, Bloomingdale's

Bloomingdale's

Bloomingdale's is a chain of upscale United States department stores owned by Macy's, Inc., which is also the parent company of Macy's. Bloomingdale's has 36 stores nationwide, with annual sales of $1.9 billion....
, and Neiman Marcus

Neiman Marcus

Neiman Marcus is a luxury specialty retail department store, operated by the Neiman Marcus Group in the United States. The company is headquartered in Dallas, Texas, Texas, and competes with other exclusive department stores such as Barneys New York, Saks Fifth Avenue, Nordstrom, Lord & Taylor, and Bloomingdale's....
. Saks is headquartered in New York City

New York City

The City of New York is the List of United States cities by population in the United States, while the New York metropolitan area ranks among the List of urban areas by population....
.

Saks Fifth Avenue Enterprises (SFAE) consists of 54 Saks Fifth Avenue stores, 48 Saks Off 5th stores, and saks.com.

Fifth Avenue is the successor of a business founded by Andrew Saks in 1867 and incorporated in New York in 1902 as Saks & Company.

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Encyclopedia

Saks Fifth Avenue is a luxury American

United States

Department store

Saks Incorporated

Barneys New York

Bergdorf Goodman

Bergdorf Goodman is a luxury goods department store based in Midtown, Manhattan in New York City. It is owned by Neiman Marcus....
, Bloomingdale's

Bloomingdale's

Neiman Marcus

New York City

History

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.

Gimbel's

Gimbel Brothers was an iconic major American department store corporation from 1887 through the late 20th century. The name is often misspelled with an apostrophe....
, 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

Palm Beach, Florida

The Town of Palm Beach is an upscale incorporated town in Palm Beach County, Florida, Florida, United States. The Intracoastal Waterway separates it from the neighboring cities of West Palm Beach, Florida and Lake Worth, 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

Chicago

Chicago is the largest city in the U.S. state of Illinois and the Midwestern United States, as well as the List of United States cities by population city in the United States with more than 2.8 million residents....
in 1929, followed by another resort store in Miami Beach, Florida

Miami Beach, Florida

Miami Beach is a city in Miami-Dade County, Florida, Florida, United States. The city was incorporated on 26 March, 1915.Miami Beach has been one of America's pre-eminent beach resorts for almost a century....
. In 1938 Saks expanded to the West Coast, opening in Beverly Hills

Beverly Hills, California

Beverly Hills is a city in the western part of Los Angeles County, California, California, United States. Beverly Hills and the neighboring city of West Hollywood, California are together entirely surrounded by the city of Los Angeles, California....
, 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

San Francisco, California

The City and County of San Francisco is the fourth most populous city in California and the List of United States cities by population in the United States, with a 2007 estimated population of 799,183....
location opened in 1952. More expansion followed from the 1960s through the 1990s including Texas, the Midwest, and the South.

BATUS Inc. acquired Gimbel Bros., Inc. and its Saks Fifth Avenue subsidiary in 1973 as part of its diversification strategy. In 1990, BATUS sold Saks to Investcorp S.A.

Investcorp

Investcorp is a provider and manager of alternative investment products, serving high-net-worth private and institutional clients. Principally, Investcorp is an investment intermediary, acting as a vehicle to channel the wealth of its clients in the Persian Gulf into investments in the United States and Europe....
, 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., then the parent company of Proffitt's

Proffitt's

Proffitt's was a department store chain based in Alcoa, Tennessee. On March 8, 2006, the Proffitt's and McRae's stores were converted into Belk stores....
among other department stores. Upon closing of the acquisition, Proffitt's, Inc. changed its name to Saks Incorporated

Saks Incorporated

Saks Incorporated , formerly known as Proffitt's Inc., is a Fortune 500 operator of high-end department stores in the United States. After going public in 1987, Proffit's Inc....
.

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 United States Postal Service

United States Postal Service

The United States Postal Service is an Independent agencies of the United States government responsible for providing postal service in the United States....
began an experimental program selling the plus Zip Code

ZIP Code

File:UseZipCode.JPGThe ZIP code is the system of postal codes used by the United States Postal Service . The letters ZIP, an acronym for Zone Improvement Plan, are properly written in capital letters and were chosen to suggest that the mail travels more efficiently, and therefore more quickly, when senders use the 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)

Fifth Avenue (Manhattan)

Fifth Avenue is a major thoroughfare in the center of the borough of Manhattan in New York City, USA. Between 34th Street and 59th Street , it is also one of the premier shopping streets in the world, often compared to Oxford Street in London,...
store. Today, the New York flagship store accounts for a significant amount of the entire chain's annual revenue.

The chain's first international location, operated under license by SFAE, opened in Riyadh

Riyadh

Riyadh is the Capital of Saudi Arabia and its largest city. It is also the capital of Riyadh Province, and belongs to the historical regions of Nejd and Al-Yamama....
, Saudi Arabia

Saudi Arabia

The Kingdom of Saudi Arabia, KSA , is an Arab country and the largest country of the Arabian Peninsula. It is bordered by Jordan on the northwest, Iraq on the north and northeast, Kuwait, Qatar, Bahrain, and the United Arab Emirates on the east, Oman on the southeast, and Yemen on the south....
, courting the wealth of the oil-rich Middle East. Locations would follow in the United Arab Emirates

United Arab Emirates

The United Arab Emirates is a federation of seven states situated in the southeast of the Arabian Peninsula in Southwest Asia on the Persian Gulf, bordering Oman and Saudi Arabia....
, Mexico

Mexico

The United Mexican States , commonly known as Mexico , is a federalism constitutionalism republic in North America. It is bordered on the north by the United States; on the south and west by the Pacific Ocean; on the southeast by Guatemala, Belize, and the Caribbean Sea; and on the east by the Gulf of Mexico....
, and Bahrain

Bahrain

The Kingdom of Bahrain, in , , literally Kingdom of the Two Seas).Bahrain is an Arabic island country in the Persian Gulf ruled by the Al Khalifa regime....
. In January of 2009, the company opened a second location in Saudi Arabia, in the city of Jeddah

Jeddah

Jeddah is a Saudi Arabian city located on the coast of the Red Sea and is the major urban center of western Saudi Arabia. It is the largest city in Makkah Province, and the second largest city in Saudi Arabia after the capital city, Riyadh....
.

External links

Official website