LYCOS RETRIEVER 
Saks: Saks Fifth Avenue
built 289 days ago
Occupying an entire city block directly across from Rockefeller Center, Saks Fifth Avenue has been one of the city's preeminent high-end department stores since it opened in 1924. The ten-floor luxury behemoth buzzes with a well-heeled hum at the ground level, where cosmetics salespeople stand at attention and perfume spritzers beckon at every turn. Retail extravaganzas can be overwhelming; stop off at the information booth on the 50th street side before ascending to the upper sales floors. Things quiet down considerably at the genteel, elegant in-store boutiques of designers like Chanel, Escada and Louis Vuitton. On the fifth floor, find lower-priced labels like Marc by Marc Jacobs and Juicy Couture, as well as a casual shoe department. Ladies who lunch do so on the 8th floor at Café SFA, a full-service café and bar; the two floors below are devoted entirely to men's fashions, outerwear, suits and shoes.
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Saks Incorporated (NYSE: SKS) is a Fortune 500 operator of department stores in the United States. While currently headquartered in Birmingham, Alabama, the company is in the process of moving to New York City. Saks Incorporated was formerly known as Proffitt's, Inc., prior to the company's 1998 acquisition of Saks Holdings, Inc., the owner of Saks Fifth Avenue. Saks Holdings, Inc. had gone public only in 1996 and was majority owned by a group led by Investcorp, a Bahrain-based investor group. By September 2006, the company had divested all one-time holdings of Proffitt's, Inc.
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Saks Inc. has announced plans to open Saks Fifth Avenue stores throughout the Middle East and Japan. Specifically, the Alabama-based retailer will open outlets in Bahrain, Kuwait, Qatar, and the United Arab Emirates starting next year. In addition, it will open between five and 10 Saks locations throughout Japan. Tokyo-based Specialty Fashion Associates Japan Inc. is the master franchisee that will develop the Saks stores in the various Japanese cities. Investors in this venture include International Management Technology Corp. and Shinpushachu Co.
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Since the purchase of Saks Fifth Avenue by Proffitt's Inc, the company stock has taken a beating from the original opening price when Saks Fifth Avenue became a public company. The new Saks Incorporated (formerly Proffit's inc) has had one change in business direction after another without the appearance of anyone in control or guiding the corporation. Saks Inc. has sold off all other retailers with the exception of Club Libby Lu, a small acquisition based in Chicago, IL. Saks Inc. still maintains a center of sorts in Jackson MS without explanation. The decisions of Saks Inc. whose only remaining business is Saks Fifth Avenue Enterprises (SFAE), continue to befuddle executives at SFAE and share holders alike as decisions appear to be in the interest of the few left, but 'in charge' Saks Inc. executives, their bonuses, and pension plans rather than that of the the Company or Share Holders.
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When one walks through the doors of Saks Fifth Avenue they are transported to another time. The store still has all of its original wooden fixtures, and really gives one a sense of the experience that all old-time department stores once gave their customers. Every detail is looked after here. The decor is gorgeous. The staff is friendly and respectful, and makes customers feel that their purchase is the only one that matters. In short, the just being in the store makes you feel good about spending money.
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Saks Holdings was purchased by Proffitt's, based in Birmingham, Alabama, in 1998 for $2.1 billion. The company, which already owned department store chains Carson, Pirie, Scott and Parisian, changed its name to Saks Incorporated to capitalize on the higher prestige of its new acquisition. Christina Johnson became the company's first female chief executive when she assumed the office of president and CEO of Saks Fifth Avenue in 2000. Phillip Miller remained chairman.
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Saks Fifth Avenue