LYCOS RETRIEVER 
Saks: Saks Fifth Avenue
built 655 days ago
With 54 locations across the United States, Saks Fifth Avenue is renowned as an arbiter of modern style. From the day its doors opened in 1924, the purpose of this retail legend has always been the same to be the first and only choice for the most discerning consumers, the ones with the highest expectations.
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Saks Fifth Avenue unveiled its new Holiday Snowflake program at its flagship Fifth Avenue store (New York) on November 23rd, 2004 at a special launch event. The event focused on the premiere of the high-tech Snowflake Spectacle – a sound and light show on the flagship’s façade featuring 72,000 Philips LEDs that illuminate 50 giant snowflakes choreographed to a modern version of ‘Carol of the Bells’. Philips Electronics in a partnership with Saks made the holiday fantasy a reality by providing the technology for the snowflake display, which will dazzle crowds every half-hour throughout the season.
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As part of Saks Fifth Avenue's holiday outreach, the company will support the annual St. Jude Children's Research Hospital Thanks and Giving(R) campaign for the second consecutive year. This national initiative encourages shoppers to join retailers in supporting St. Jude in its efforts to find cures and save the lives of children with cancer and other catastrophic diseases. "We're excited to kick off the holiday season with a truly spectacular event," says Steve Sadove. "We are ... thrilled to partner with St. Jude on Thanks and Giving. It's a groundbreaking initiative and an amazing way to share the generous spirit of the holiday season." Throughout the holiday season, Saks customers may participate by adding a donation at checkout.
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Saks Fifth Avenue is Saks Incorporated's most stunning accessory. The Saks Fifth Avenue Enterprises division runs about 55 tony Saks Fifth Avenue stores in 25 states and 50 Off 5th "luxury off-price" stores in 23 states. The retailer is near the top of the line in fashion, selling apparel, cosmetics, jewelry, and shoes from top designers such as Burberry, Chanel, and Prada, as well as Saks' own private label merchandise. Once primarily an East Coast retailer targeting women between 35 and 55 with plenty of disposable income, Saks Fifth Avenue is making changes to attract younger affluent shoppers. (About 80% of its customers are women.) The division ... runs smaller stores in chic vacation hot spots.
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In 1924, the first joint effort of the Saks and Gimbel families was to create an upscale "specialty" store on Fifth Avenue, between 49th and 50th streets. The proposed site of the Saks/Gimbel store was in a mostly residential area, occupied by the Buckingham Hotel and the Democratic Club--both of which were demolished to make way for the store of the future. Saks and Gimbel envisioned an elegant high-fashion mecca of excellent fabrics and styles for men and women, with customer services to match.
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Saks Inc. has endured a number of management changes in recent months. Sadove, who had been vice chair and chief operating officer, took on the role of CEO of Saks Inc. in a management shakeup in January as Saks shed its mid-brow department stores to focus on its luxury business. Sadove replaced Brad Martin, Saks'CEO for the past 16 years. At that time, Fred Wilson, chairman and CEO of Saks Fifth Avenue Enterprises, resigned after his position was eliminated.
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