Saks 5th Avenue plans to open its first Hawaii location as the anchor retail store in a planned redevelopment of Waikiki’s landmark International Marketplace.
The Queen Emma Land Co., owner of the 4.5-acre retail center, announced the extensive renovation in 2010, outlining a three-level, 355,000-square-foot, open-air facility officials estimate will cost between $250 million and $300 million to construct.
“We are delighted to have the opportunity to open our first full-line Saks Fifth Avenue store in Hawaii, particularly in this wonderful location in the heart of Waikiki,” Steve Sadove, chairman and CEO of Saks, said in a statement.
The Waikiki International Marketplace has been a longtime favorite for many visitors thanks to its small shops and relatively inexpensive keepsakes and gifts. The Queen Emma Land Co. hasn’t yet released a schedule for the start of work on the marketplace’s redevelopment.