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E-commerce is the future of retail

(Credit: Amazon)

The owner of Saks Fifth Avenue is splitting off its e-commerce business and raising $500 million from Insight Partners to capitalize on the explosive growth in online shopping, CNBC reported. The deal values the separate e-commerce entity at $2 billion.

  • Few changes will be visible to customers: Saks Fifth Avenue, which is owned by Hudson’s Bay Company, will remain the brand name for both the stores and e-commerce business. Shoppers will be able to buy online and pick up in stores. 
  • Secular decline of physical retail: Shoppers stuck at home spent $861 billion online in 2020, a 44% increase year-over-year, and online purchases made up 21.3% of last year’s total retail sales. [WSJ+CNBC]

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