By George Anderson
Saks Fifth Avenue chief executive Fred Wilson is hoping to reinvigorate the upscale department store chain with "better informed staff, more risk-taking in buying, less cluttered stores and, most importantly, a better customer experience," according to a Financial Times report.
Mr. Wilson is looking to change the attitude and language of his business. "An old luxury department store is a store. Our vision is an intimate service relationship," he said. "Old is selling - new is consulting."
Saks' customers, said the retailer's chief, are looking for "friendly luxury" not "arrogant luxury."
Moderator's Comment: Do you agree with Fred Wilson's vision for the new Saks Fifth Avenue? What will it take to make this vision a reality? - George Anderson - Moderator