Consumer
Saks Fifth Avenue Flagship Appraised at $3.6 Billion as It Renews Neiman Push
- Luxury chains have been in on-again, off-again talks on a deal
- Store valuation is part of surge in Fifth Avenue real estate
The Saks Fifth Avenue department store in New York.
Photographer: Gabby Jones/BloombergThis article is for subscribers only.
The owners of Saks Fifth Avenue are in talks to raise financing to bolster the cash portion of an offer to buy competitor Neiman Marcus, according to people familiar with the matter, moving two of America’s biggest high-end department stores closer to a deal after years of on-and-off courtship.
As part of the proposed financing, Saks’ flagship store at 611 Fifth Ave. in Manhattan was valued at $3.62 billion, one of the people said. That’s a notable increase from an appraisal of $1.6 billion in 2019 and close to its value of $3.7 billion in 2014, according to previous filings from parent company Hudson’s Bay Co.