Saks Fifth Avenue has been around since 1924. This store has a very interesting history, as it got its start as a humble department store that didn’t have much planned for the future. Luckily, things worked out and business boomed. Even though founder Horace Gimbel died in 1925, his cousin Adam Gimbel took over the company. He’s the one who takes the credit for turning the store into the brand it is today. This high-end store has a lot to offer and it has worked hard to get where it is today. Forget 5th Avenue and Rodeo Drive because this store expanded into the heartland first, giving Americans a new place to shop.
Adam Gimbel did his part to build the brand for Saks Fifth Avenue. He chose to renovate the flagship store to a modern design that was featured in Paris in 1925. This drew in more customers and gave the store a unique look. He also decided instead of departments, he would break the store up into different salons that focus on clients intimately. The change was big, but it was a success. Saks Fifth Avenue was able to have a huge department store that catered to clients on a more personal level with the design that they had chosen.
By the 1960s, Saks Fifth Avenue was expanding. It had more than 40 stores opened by the end of the 1980s, including stores all over Texas and the Midwest. This company was working hard to bring its unique brand to every American and provide an outlet in every market. The company started its mail-order catalog in the 1970s, giving customers who weren’t close to the store a new way to shop, as well. Everyone had access to Saks, which just meant the brand was set to grow even further in the coming years.
Saks Fifth Avenue was sold in 1990 for $1.6 billion. This was actually good for the company, because it now had the backing of a huge investment corporation. The company opened an outlet store in 1992 in Franklin Mills, PA named Clearinghouse. In 1995, the store changed the outlet name to Off 5th. The company made a lot of moves and changes in the 1990s, including expanding to the West Coast. The Rodeo Drive store was launched in 1993 and by 1994, it was expanding into Beverly Hills, Phoenix, and other West Coast cities.
Saks Fifth Avenue was a small department store dream for Horace Gimbel, but his cousin had much more in store. Neither of them could have known the giant that they would create, but today this is one of the most prestigious department stores in the world. Saks launched its online store, Saks.com, in 2000, creating a whole new world of business for the designer department store. This company has had a lot of success in just under a century in business, and it is looking toward a bright future of even more changes and improvements as time goes on. In 2007, the Saks Fifth Avenue flagship store shoe department got its own zip code, thanks to vanity sales by the USPS.
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