For the holiday 2020 season, Saks isn’t following the pack.
While many retailers, desperately trying to navigate the health crisis, have already started or will start the push to sell holiday gifts four to six weeks earlier than last year, Saks isn’t rushing into it.
View Gallery Related Gallery Backstage At Rihanna’s Savage x Fenty Lingerie Fashion Show With Normani, Bella Hadid And More “There’s just a geographic shift” to where people are shopping, encouraging Saks to step up localization efforts at branch stores, such as clienteling and conveniences such as buy online, pick up in stores, to drive greater local business, the ceo said.
But since Saks’ parent company, the Hudson’s Bay Co., went private last March, quarterly sales and profit results are no longer publicly reported, making it hard to get a read on how Saks and its sister divisions — Saks Off 5th and Hudson’s Bay in Canada — are performing. The last set of figures released for HBC overall were for the third quarter of 2019, when sales tallied 1.82 billion Canadian dollars, down from 1.86 billion Canadian dollars a year ago, with a 1.
“If you look at the breakdown of our customer base, we are seeing outsized growth in our most aspirational bucket of customers,” Metrick said. It’s different with Saks’ “core customer,” he noted. “Our core customer is still spending,” but they’re not buying the gowns, the jewelry, the evening shoes because amid the pandemic, the social calendar is empty — no in-person charity galas, art auctions, or award ceremonies. They went virtual.
He said the men’s sneaker craze has accelerated during the pandemic; women’s footwear and handbags categories have performed well; fragrances have been “reborn,” and men’s denim is “amazing” and generates more volume than all of men’s tailored combined. “We’ve been talking about men’s for five years. Saks specifically compared to the competition took a very distorted approach to the men’s business.
Saks has been advocating “buy now, wear now” to get deliveries timed better to when the demand is there. Asked if there is any progress on that, Metrick replied, “It’s still in its infancy.” To work, widespread adoption by designers and retailers must happen.
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