Saks Fifth Avenue will open the first New York City branch of its popular off-price chain, OFF 5TH, at Tower57 (125 East 57th Street) in March 2016. The company had previously announced that its first New York City branch would be downtown at One Liberty Plaza, a store that is scheduled to bow in 2017. Meanwhile, a full-price Saks Fifth Avenue is also scheduled to open nearby at downtown’s Brookfield Place next year.
The new 47,333 sq. ft. store will be located on a site that previously housed a variety of stores, including the now-defunct Daffy’s. It will feature a lobby entrance at street level, which will access two lower level floors of merchandise.
“The addition of a new Saks OFF 5TH store at this strategic location will be a dramatic game changer for 57th Street retail east of Park Avenue,” predicted Charles S. Cohen, president and CEO of Cohen Brothers Realty Corporation. He acquired the 32-story Tower 57, which is primarily an office building, in 1997.
“The move into NYC marks a significant milestone for our brand and represents an exciting opportunity for us to bring the distinct OFF 5TH experience to the NY consumer,” stated Jonathan Greller, president of outlets for Hudson’s Bay Company. “HBC has made huge strides on our strategy to grow our off-price business in the U.S., and has aggressive growth planned moving forward, including expansion beyond the United States. We have seen exponential demand as we continue to open new stores, which positions us well for continued growth moving forward.”
Hudson’s Bay currently operates more than 90 OFF 5TH stores in the U.S., and plans to open numerous new branches in the U.S. and Canada within the next year, including two in the Chicago area.