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Saks to open store in Shanghai by 2008 Olympics

New York – Saks will enter China and Macau in a joint venture to operate Saks Fifth Avenue stores licensed to Roosevelt China Investments Corp. (RCIC). The first store, planned at 300,000 square feet., is slated to open in 2008 in Shanghai.

Saks Inc. ceo Stephen Sadove noted that the Saks name has traveled well in similar initiatives in Saudi Arabia and Dubai. RCIC chairman Tweed Roosevelt said the flagship would be a strong attraction during the 2008 Olympics in Beijing.