With a glitzy charity cocktail Saks 5th Avenue has opened the doors of 10022-SHOE, its first standalone store dedicated exclusively to shoes. The new 1.300 sqm space, named after the zip code of the flagship store in New York City, is located in Greenwich (CT) where Saks already has a well-established department store. 10022-SHOE features an expanded selection of contemporary and emerging designers. In an atmosphere of subdued modern elegance, customers can try shoes from brands such as Valentino, Manolo Blahnik, Tabitha Simmons and Nicholas Kirkwood , comfortably sitting on velvet armchairs and plush sofas.
The increasing competition from ecommerce and discount retailers is increasingly denting the profitability of the American luxury department stores and forcing them to change. Saks has chosen Greenwich, one of the wealthiest towns on the East Coast, as the testing ground for The Saks Shops, a new strategic development into specialty stores. In February 2017 it will add "The Collective", a space specialized in modern designer fashion; while in May 2017 it will be the turn of "The Vault" offering high-end jewelry. In the age of one stop, full service everything, this move into retail segmentation might seem counterintuitive, but considering the overall preferences of the affluent consumer for more tailored and exclusive services, and the specific demographics of the area, it makes sense to improve the retail experience of the wealthy clientele with more intimate stores offering a wider selection.
Another recent move in this direction is the launch of Saks at Your Service, which brings a personal stylist directly to the customer's residence or office with a Mercedes-Bens Sprinter loaded with choices.
Saks 5th Avenue, is part of the Hudson's Bay Company which also owns Lord & Taylor, GALERIA Kaufhof in Germany and Galeria INNO in Belgium.