LYCOS RETRIEVER 
Saks: Saks Holdings
built 627 days ago
Saks, Lane Crawford and most luxury retailers are located in Bund, Shanghai's ritzy waterfront district. According to Julie Frohlich, director of the law firm Goulston & Storrs, which negotiated the deal on behalf of Roosevelt China, the licensee is not worried about preexisting competition near the store. “It's really two different animals,” she says. The American identity differentiates it from Lane Crawford, she speculates, and “this Saks store is going to be so much larger than any of the freestanding brand-name stores, that alone makes it very unique.”
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Even on top of the buyout talk, Saks is a great turnaround story, Cramer said. The retailer reported a penny below estimates last quarter, but it had 13% same-store sales growth and its margins climbed 2.7%. As long as Sadove keeps delivering, and Cramer thinks he should, the stock is still worth owning.
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Saks continued its Texas invasion with another new store in Austin, and additional stores in San Antonio and the Dallas-Ft. Worth area. Meanwhile, back on the West Coast, the battle between Neiman Marcus and Saks became even more heated with the appearance of a new Barneys New York in Beverly Hills. As was the case in Houston, shoppers found the competition invigorating, and analysts believed the stores complemented one another. Whether each could maintain profits in such hothouse conditions... remained to be seen.
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Saks ... has shown a willingness to close unprofitable Younkers stores in downtown areas and relocate to newer malls. The company last month announced the closing of its store in downtown Green Bay, a landmark retailing spot that for many years was the flagship of H.C. Prange department stores. A newer store has opened in a mall in suburban Ashwaubenon, WI.
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Saks was formerly known as "Kitty’s Place" and was purchased last year by Ron and Sandra Steele, a Canadian couple who left their native land of Edmonton, Alberta and moved to Belize. They have named the resort "Saks" after their three children, Shannon, Andrew, Kendra, Steele.
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Saks took the bull by the horns in Texas in 1997, going head-to-head with rival Neiman Marcus on the latter's home territory. By opening two new stores within a week in Houston, the first in the legendary Galleria, a stronghold of Neiman Marcus, and another at the Town and Country Center, Saks turned up the heat in Houston's tony retail market. Was the market big enough for both Saks and Neiman Marcus? Chairman and CEO Miller thought so (and he was a former Neiman Marcus executive from 1977 to 1983)--and the Galleria store brought in over $2 million in sales in its first three days. Well-heeled shoppers seemed to think there was room enough for both as well, flocking from one store to the other.
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Saks Holdings