Hudson's Bay to Debut Saks in Canada, Sell Toronto Flagship

Hudson's Bay said on Monday that it will sell its flagship downtown Toronto store and neighboring office tower for $587.09 million to commercial real estate heavyweight Cadillac Fairview and open a full-line Saks store in the leased-back space. The historic Canadian retailer has long floated plans to unlock the value of its real estate but had previously given no time frame.