Roosevelt China Investment Fund is expected to sign a contract with New Huangpu Group, the developer of the Waitanyuan project, to introduce Saks Fifth Avenue to Shanghai.
This will be Saks Fifth Avenue's first store in Asia.
According to a representative from Huangpu District, the store will be located at an old building on Shanghai's famous Bund.
Founded in 1902, Saks Fifth Avenue has been the biggest department store for international top notch brands. It has over fifty stores around the world with its flagship shop situated on Fifth Avenue of New York.