Saks President to Spend $1 Billion to Rejuvenate Chain
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Saks Fifth Avenue President Marigay McKee plans to spend $1 billion refurbishing the luxury chain over the next five years as she tries to broaden its audience and price ranges.
A quarter of the capital expenditures will be concentrated on the Manhattan store, McKee, 48, said in her first interview since arriving at her New York office this month. Saks was acquired by Hudson’s Bay Co., a middle-market Canadian department store chain, for $2.4 billion in November. The deal brought together the Hudson’s Bay, Lord & Taylor and Saks brands, creating a company operating 320 stores.