Surprise Surprise, Goldman Stiffs Saks

Maybe you’ve visited Saks Fifth Avenue’s flagship department store in New York City. So large it commands its own zip code, Saks is the most famous of all the venerable shopping destinations in the Big Apple. Last year, the company sold itself to Canadian Retailer Hudson’s Bay for US$2.9bn. On Monday, only a year later, Hudson’s Bay commissioned an appraisal of the real estate under Saks’s flagship Manhattan store that pegged its value at US$3.7bn. Saks has 38 other locations under its namesake brand, and an additional 80 locations in its Off Fifth discount chain brand. The flagship store only accounts...

Maybe you’ve visited Saks Fifth Avenue’s flagship department store in New York City. So large it commands its own zip code, Saks is the most famous of all the venerable shopping destinations in the Big Apple.

Last year, the company sold itself to Canadian Retailer Hudson’s Bay for US$2.9bn. On Monday, only a year later, Hudson’s Bay commissioned an appraisal of the real estate under Saks’s flagship Manhattan store that pegged its value at US$3.7bn.

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