The US-based luxury goods retailer has signed a licensing and consulting agreement with Roosevelt China Investments Corp (RCIC) to investigate further expansion into China and Macau.
The 300,000 sq ft (27,870 sq m) Shanghai store will contain a spa, speciality cafés and luxury changing rooms and will be stocked with merchandise controlled by the US retailer.
Further Chinese growth plans will be based on the success of the store. Investment management group RCIC will own and operate the store, and any future stores, under licence.
RCIC president Tin Tse said: 'The extraordinary growth of the economy in China created many new customers for high-end merchandising. The time is ripe for a first-class US retailer to establish a presence in China to meet this rapidly growing demand.'
Saks opened its first international store in Saudi Arabia in 2001 and its second in Dubai three years later.
Saks chief executive officer Stephen Sadove said: 'While our primary focus remains on our domestic stores, the opening of carefully chosen licensed locations abroad can extend the reach of our brand and generate an incremental income stream for Saks.'
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