Saks Fifth Avenue to undergo revamp under the direction of President Marigay McKee
Set to spend 4.5 billion AED
Saks Fifth Avenue is one of Americas most well known luxury department store chains. Competing with the likes of Barneys, Bergdorf Goodman and Bloomingdales.
In an effort to revamp the high end chain, Saks Fifth Avenue President Marigay McKee plans to spend 1.25 billion US dollars (4.5 billion AED) refurbishing over the next two years. Multinational corporation Hudson's Bay Company, which operates the flagship store and corporate headquarters in Midtown Manhattan, New York, is where one-fifth of their capital expenditures plan to be concentrated on.
McKee plans to attract younger customers as well as keeping their core clientele of older aged woman. In a city populated with University students and young professionals, she aims to expand the merchandise adding contemporary fashions and add international designers from Britain and France. This transformation needs to be done without harming the stores history and past elegant existence, a unique store who's customers consisted of Audrey Hepburn, Grace Kelly and Jackie Kennedy.
"The department store is ripe for this," McKee said. "We will be focused a lot more on trend. It is a leap. It is a journey. We need to make sure we don't alienate our existing customer."