Saks Incorporated has entered into an exchange deal with Federated Department Stores Inc.(Brief Article)

Cosmetics International, January, 2003

Saks Incorporated has entered into an exchange deal with Federated Department Stores Inc. The agreement sees Saks acquire the former Macy's store in the Riverchase Galleria in Birmingham, Alabama, while Federated takes up ownership of the 90,000sqft Saks fifth Avenue store located in the Oakbrook Center, in Oakbrook, illinois.

The Riverchase Galleria acquisition forms parts of Saks' objective to enhance its Department Store Group franchise in the Birmingham area and maximise returns on invested capital.