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00:00I think there's a lot of share and there's a lot to be taken I think you know when you think about this. It's the fourth largest city in North America. We weren't represented here . When you compare it to other cities was a lot more luxury distribution. We felt that there was it was right for us to come in and really take a position to be making Canadian box which used to be worth more than they are today. That concern you are just change the metric. No I think what it does is we just have to like we always have to do with retail it's dynamic it's changing. We have to adjust but really what we want to make sure is the customer is being treated fairly in the right way and we're just you know that's what we want to deliver the perfect sex experience right . When you work with the Bay and in other places as well. How did it not cannibalize what the bay sells. The Bay has quite lovely switch things actually. How will people shopping there . Probably will come here and not mess with the bay. We worked very hard on making sure that we complement each other. We don't kind of overwhelm the customer with too much of the same . When you could see that really evidenced by our beauty and fragrance department very little overlap in fact not a lot of exclusive products a lot of limited distribution product for Saks. So there's a reason for it to come to both and shop . There are many brands here that also are sold. For instance Holt Renfrew and an established Canadian luxury retailers. What do you think your competition that's already here. There are other American names coming in but it's something Canadian competition is here. I think they're very they're going to be a tough competitor and I think it's going to be it's gonna make it fun and interesting. I think you know the rising tide raises all boats and we don't just plan on selling product. When you look around and you see the product it is in other places but what's not in other places is a Saks experience. And we're going to deliver to the people when they come into the store . And that's unique to us telephone guilt dot com might be working coordination it's more to the American side of things. But how might that work. You know right now our focus has been on opening our stores up here in Canada and gilt is a brand part of our family and I think those guys are just working you know on how we're gonna fit together so I'm not quite sure how it's gonna work appear to be more announcements on that. Again not really my my area to comment on. OK thanks. This is the first international expansion for stocks. You do have license agreements around the world. Presence in Dubai. That sort of thing. Yes we have a stream of revenue. I mean you plan to expand that type of agreements. Again that's not something I would I would particularly be interested in. And you know being able to answer but I would say this. I'd say this is our first wholly owned international store. I love it. I love controlling the experience from the customer really from cradle to grave really from when we buy the product and source it to deliver the experience and the service to when they walk out of the store with their purchase. And just a final question has retail change. There are lots of experience pieces of retail that are very important now but it's still trying to drive customers through the door. That's changed over the course of probably your career. Absolutely. When I started my career at Saks in 1995 there was no internet for Saks. There was no internet for really retail for all intents and purposes. So that's changed everything the digital era of how we do business has forced us to really do a lot of creative and great things with our in-store experience. Like what. Like for example what you'd see here when we're done and fully and fully operating downstairs is we're bringing in two separate food hall. We're bringing in a restaurant Lena which is Spanish and Food's food with our partners at OMB. We're gonna have a beauty salon . Really different elements for people to be able to. We want them to come spend time in our store not just to come buy things .

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From NY to Toronto, Saks Enters Crowded Luxury Market

Marc Metrick, president of Saks Fifth Avenue, and Bloomberg TV Canada's Pamela Ritchie take a look at Saks' expansion into Canada and its first-ever company-owned international location. (Source: Bloomberg)

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