Companies & Industries

Poll: Is HBC's buy of Saks a smart move?

A leap into luxury.

The tectonic change in the retail landscape that began several years ago with the move by U.S. discount retailers and others like Lowe’s to enter the Canadian marketplace, continues apace. Now in a slight role reversal, HBC has moved to buy Saks and will bring the luxury department store north, presumably on more “Canadian terms.” HBC paid US$2.9 billion for the honour, which should give it at least a slight head start on Nordstrom’s, which also plans to head north in a year or two.

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