Saks Incorporated Announces the Opening of a Saks Fifth Avenue Store in Tampa, Florida

Business Wire, Nov 11, 1998

BIRMINGHAM, Ala.--(BUSINESS WIRE)--Nov. 11, 1998--Saks Incorporated (NYSE:SKS) (The "Company," formerly Proffitt's Inc.) today announced the opening of a 100,000 square foot store in Tampa, Florida, bringing the complement of Saks Fifth Avenue stores in the state to eleven.

Florida is a key growth market for Saks Fifth Avenue. In 1996, Saks Fifth Avenue significantly increased its presence in the state by adding three new stores in Orlando, Fort Myers and Sarasota. Saks Fifth Avenue also augmented its marketplace position through expansions and renovations of existing real estate. The Naples store was expanded by 13,000 square feet in 1997 and the Bal Harbour store was totally renovated and expanded by 30,000 square feet in 1998. The new Tampa store will be Saks' largest store on Florida's West Coast, bringing the Company's total square footage in the state to 800,000 square feet.

Philip B. Miller, Chairman and Chief Executive Officer of Saks Fifth Avenue, stated, "As part of our strategic growth initiatives, we have targeted Florida as a primary market because of its attractive demographics and significant unserved sales potential. Our new store in Tampa will capitalize on our dominance in the region, by bringing our distinctive roster of exclusive designer collections for men and women in close proximity to the community's affluent permanent and seasonal residents as well as the area's highly desirable tourist population."

In addition to exclusive designer assortments, the two-level Tampa store will also feature handbags, fine jewelry, footwear, intimate apparel, cosmetics, fragrances and Saks Fifth Avenue's own private brand collections. The location will also include a Men's Store with designer clothing, sportswear and formalwear. Amenities will include an Elizabeth Arden Red Door Salon, a Caf, SFA Express and The Fifth Avenue Club, Saks Fifth Avenue's exclusive personalized shopping service.

Saks Fifth Avenue is a member of the Saks Incorporated group and operates 42 Full-Line stores, led by its landmark flagship on New York's Fifth Avenue, 8 Resort and 7 Main Street stores, throughout 23 states.

Saks Incorporated operates over 340 department stores and four free-standing furniture stores under the names of Saks Fifth Avenue, Proffitt's, McRae's, Younkers, Parisian, Herberger's, Carson Pirie Scott, Bergner's, Boston Store and Off 5th. The Company also operates two direct mail businesses, Folio and Bullock & Jones. The Company's annual revenues exceed $6 billion.