Saks Fifth Avenue's NYC Flagship Loses Over Half Its Value

Saks Fifth Avenue's flagship store was recently appraised at $1.6 billion USD, as stated in a filing by its parent company, Hudson's Bay Co. This valuation is approximately a 60 percent drop from where it was at $3.7 billion USD five years ago. The company says the low appraisal was based on "the performance of the store relative to expectations in 2014, changes in market rents on New York's Fifth Avenue, and the changes in the retail landscape."Hudson's Bay went private at a valuation of $1.45 ...