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Press release from PR Newswire

Saks Fifth Avenue OFF 5TH Unveils Additional Growth Plans

Monday, August 29, 2011

Saks Fifth Avenue OFF 5TH Unveils Additional Growth Plans15:11 EDT Monday, August 29, 2011NEW YORK, Aug. 29, 2011 /PRNewswire/ -- Saks Incorporated's Saks Fifth Avenue OFF 5TH today announced that it will continue to expand the company's store portfolio with addition of five new stores planned for 2012. This expansion is part of a long term growth opportunity for Saks Fifth Avenue OFF 5TH. The new stores will be located in upscale outlet, lifestyle, or strip centers, and each store will be designed in OFF 5TH's unique "luxury in a loft" format. "There are numerous opportunities for new OFF 5TH stores throughout the country.  We will carefully weigh our options and open in select new markets that we believe have the greatest demand for our distinct merchandise offerings.  The further expansion of Saks Fifth Avenue OFF 5TH is an exciting step for us," stated Robert Wallstrom, President of Saks Fifth Avenue OFF 5TH.  Five new stores are slated to open in 2012. The new locations will include outlets in Merrimack, NH, Syracuse, NY, Livermore, CA, Grand Prairie, TX, and Nashville, TN. The Merrimack store will be the first Saks Fifth Avenue OFF 5TH in New Hampshire, and the store in Nashville will be a replacement store for the one lost in the 2010 flood in Tennessee.  "We look forward to being a part of the Nashville community again, and we are delighted to bring our stores to customers in the new markets," noted Wallstrom.  The company recently opened new Saks Fifth Avenue OFF 5TH stores in Kansas City, KS and Oklahoma City, OK and plans to open stores in Charleston, SC, Northbrook, IL, and Sugar Land, TX (replacement store) later this year.The stores will feature an open air loft-like environment and will range from 25,000 to 28,000 square feet. The layout offers maximized efficiency and flexibility, enabling easy change. The space will be bright, uncluttered with no hard aisles. All fixtures will be on casters, ensuring easy movement and all hardware will be interchangeable between fixtures.  Since its debut in 2008, this innovative store design has been well received and set a new standard in off price shopping.An impressive array of the best designer names in sportswear, handbags, shoes and more including an expanded assortment of fine jewelry and a newly launched beauty department will be available at the new stores.  Shoppers will have the opportunity to purchase premier products at affordable prices. Each product category will have its own designated area within the store allowing shoppers to easily find what they are looking for. About Saks Fifth Avenue OFF 5TH Saks Fifth Avenue OFF 5TH is the savvy shopper's premier source for value-priced designer clothing and accessories, offering customers an exceptional array of both coveted designer names and unique merchandise under the Saks Fifth Avenue label.  Saks Fifth Avenue OFF 5TH places the highest priority on style, selection, and customer service. Today, there are a total of 59 Saks Fifth Avenue OFF 5TH stores in 24 states.  Saks Fifth Avenue OFF 5TH is a part of Saks Incorporated (NYSE: SKS) which also operates 46 Saks Fifth Avenue stores and saks.com.Forward-looking Information The information contained in this press release that addresses future results or expectations is considered "forward-looking" information within the definition of the Federal securities laws.  Forward-looking information in this document can be identified through the use of words such as "may," "will," "intend," "plan," "project," "expect," "anticipate," "should," "would," "believe," "estimate," "contemplate," "possible," and "point." The forward-looking information is premised on many factors, some of which are outlined below.  Actual consolidated results might differ materially from projected forward-looking information.The forward-looking information and statements are or may be based on a series of projections and estimates and involve risks and uncertainties.  These risks and uncertainties include such factors as: the level of consumer spending for luxury apparel and other merchandise carried by the Company and its ability to respond quickly to consumer trends; macroeconomic conditions and their effect on consumer spending; the Company's ability to secure adequate financing; adequate and stable sources of merchandise; the competitive pricing environment within the retail sector; the effectiveness of planned advertising, marketing, and promotional campaigns; favorable customer response to relationship marketing efforts of proprietary credit card loyalty programs; appropriate inventory management; effective expense control; successful operation of the Company's proprietary credit card strategic alliance with HSBC Bank Nevada, N.A.; geo-political risks; the performance of the financial markets; changes in interest rates; and fluctuations in foreign currency and exchange rates.  For additional information regarding these and other risk factors, please refer to the Company's filings with the SEC, including its Annual Report on Form 10-K for the fiscal year ended January 29, 2011, its Quarterly Reports on Form 10-Q, and its Current Reports on Form 8-K, which may be accessed via  the Internet at www.sec.gov.The Company undertakes no obligation to correct or update any forward-looking statements, whether as a result of new information, future events, or otherwise.                             SOURCE Saks Fifth Avenue OFF 5THFor further information: Sophia Brown, Senior Manager PR, +1-212-451-3957, Sophia_Brown@s5a.com; Amber Cacali, Vice President Marketing, +1-212-320-4783, Amber_Cacali@sy5a.com; or Julia Bentley, SVP Investor Relations, +1-865-981-6243, Julia_Bentley@saksinc.com