Renovations are underway at the new Greenburgh location of Saks Fifth Avenue Off 5th, the fashion discount retail chain of Toronto-based Hudson”™s Bay Co.
The fast-expanding retailer expects to open in early 2015 in the former Loehmann”™s space in the White Plains Shopping Center at 29 Tarrytown Road, said Eric S. Goldschmidt, senior partner at Goldschmidt & Associates, the Scarsdale agency that represented the landlord in the deal. Saks has leased 25,000 square feet of space, he said.
Loehmann”™s closed its Westchester store in March after 43 years at the strip shopping center on Route 119, a few months after the 94-year-old Bronx-based company filed for bankruptcy protection for a third time and announced it would close its 39 brick-and-mortar stores and operate solely as an online retailer.
“Despite serious interest from other national retailers, the property owners decided to move forward with Saks due to its appeal to the general market, similar to that of Loehmann”™s,” Goldschmidt said in a press release. Brian Katz, president of Katz & Associates in Pearl River, brokered the deal for Saks Off 5th.
Previous owners of Saks Fifth Avenue launched its discounted fashion merchandise line in 2000. Hudson”™s Bay Co., the owner of Saks Fifth Avenue”™s luxury retail rival Lord & Taylor, last year paid $2.9 billion to acquire the Saks parent company. The new owner has opened 11 new Saks Off 5th stores this year in the U.S. and Puerto Rico. The company operates 80 Saks Off 5th stores nationwide, according to its website.
