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Image Source

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*****UPDATE:

Here is the link

to our analysis of this story*****

Reportedly,

Saks Fifth Avenue will build its Canadian flagship

store at 44 Bloor Street West in Toronto, replacing a 342,000 square foot

Hudson's Bay

store. The store could cost as much as $100 million to build. It will apparently be the second-largest Saks Fifth Avenue store in the world, following its massive Manhattan flagship.

We speculate that the new Toronto Saks Fifth Avenue store will be roughly 300,000 square feet, making it the third-largest luxury department store retailer in North America (following Saks Fifth Avenue's 646,000 square foot Manhattan flagship and

Bergdorf Goodman

's 316,000 square foot Manhattan store). Time will tell if Toronto's Saks will be even larger than Bergdorf's.

On Friday and over the weekend, we'll be researching and analysing Saks Fifth Avenue's Canadian retail strategy, in light of new information received. On Monday, we'll publish a more lengthy analysis of Toronto's new Saks Fifth Avenue and how it will affect neighbouring retail in its immediate area

(UPDATE:

Click here for our analysis

)

. We'll also discuss the future of Saks Fifth Avenue stores in Canada, as

Hudson's Bay Company

CEO Richard Baker says

he'll open as many as eight

Canadian Saks Fifth Avenue stores, including several suburban locations.

We hope everyone stays safe this Black Friday, and we'll be back Monday with articles about Saks Fifth Avenue's plans for Canada.

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Source: Globe & Mail Report on Business