Saks, in a nutshell
The Founding of Saks Fifth Avenue
Saks Fifth Avenue was founded in 1924 by Horace Saks and Bernard Gimbel, opening its flagship store on Fifth Avenue in New York City. The company began as a high-end department store, catering to the wealthy and fashionable.
Saks Fifth Avenue Expansion and Growth in the 1920s and 1930s
In the 1920s and 1930s, Saks Fifth Avenue established itself as a premier luxury department store, offering a wide range of high-end fashion and luxury goods. The store's location on Fifth Avenue, a prestigious shopping area, helped to attract a wealthy and fashionable clientele. Saks also expanded to other locations, opening branches in various cities across the United States.
Reinventing Saks Fifth Avenue in the 1960s
In the 1960s, Saks Fifth Avenue began to introduce new ideas and innovations to set itself apart from its competitors. Some of the notable developments from this era include:
Emphasis on fashion: Saks Fifth Avenue began to focus more on fashion, featuring the latest clothing and accessories from top designers, which helped establish the store as a destination for high-end fashion.
Expanding outside of New York: Saks Fifth Avenue opened its first store outside of New York City in Beverly Hills, California in 1960, which marked the beginning of the company's expansion into other regions of the country.
In-store services: Saks Fifth Avenue started to offer in-store services such as personal shoppers, making it more convenient for customers to have a customized shopping experience.
Special events: Saks Fifth Avenue started to hold special events such as designer appearances, book signings, and trunk shows in the 1960s, which helped to attract customers and create a sense of excitement around the store.
Marketing and advertising: Saks Fifth Avenue began to increase its marketing and advertising efforts in the 1960s, promoting the store and its merchandise through various forms of media, including print and television.
Overall, the 1960s was a decade of innovation and expansion for Saks Fifth Avenue, as the company introduced new ideas and established itself as a leading luxury department store.
Saks Fifth Avenue Going Public in the 1980s
Saks Fifth Avenue went public in 1983, and continued to grow and expand throughout the next decades and into the 21st century.
In 1983, Saks Fifth Avenue became a publicly traded company, meaning that its shares were available for purchase on the stock market. This allowed individuals and institutional investors to buy shares of the company and own a piece of the business. The company's initial public offering (IPO) was successful, and the funds raised through the IPO were used to finance expansion plans, such as opening new stores, increasing inventory, and updating technology.
In the 21st century, Saks Fifth Avenue continued to evolve and adapt to the changing retail landscape. The company expanded its e-commerce presence and also opened new stores across the country, both full-line stores and Saks Off 5th discount stores. Saks also continued to focus on providing high-end fashion, luxury goods and services, and an exceptional shopping experience to its customers.
