The industry questions whether a casino inside the Saks Fifth Avenue flagship would be a jackpot traffic driver for the business or chip away at the brand's image.
What would be the impact on Saks Fifth Avenue’s retail sales and the luxury brand’s image? Would it be called the Saks Casino? Could a visitor use their Saks card to buy chips?
Frasch also said a casino inside Saks opens up possibilities for forming new kinds of partnerships with hotels and airlines, providing special rates, to“Luxury is about quality experiences, not just quality products,” Frasch added. “All retailers are looking to engage more in the lives of their customers and figure out how to make the shopping experience more unique. A luxurious casino is definitely a fit with a Saks crowd.
Loeb noted that casinos operate with much longer hours than stores, some 24 hours a day, others opening early in the morning and late into the night, at times when Saks would not normally be open for business. An entrance to the Saks casino would have to be on a side street, rather than upsetting the century-old, landmarked limestone facade on Fifth Avenue. The Saks flagship is situated between 49th and 50th Streets, and Fifth and Madison Avenues.
In Las Vegas, designer shops abound. The desert city is a mecca for vacationers, conventioneers and gamblers. Out-of-towners do tend to open their wallets and shopping is a big part of the fun of being away from home. In the past, Baker has orchestrated some shrewd real estate deals, including selling Zellers properties in Canada to Target, buying Lord & Taylor and selling off L&T’s Fifth Avenue flagship and other L&T locations. HBC has profited in a big way through real estate deals and eliminating debt.
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