11/29/2013 05:31 EST

Saks Fifth Avenue Coming To Hudson's Bay In Toronto

An ironwork logo adorns the facade of Saks flagship store on New York's Fifth Avenue, Monday, July 29, 2013. Saks Inc. agreed to sell itself to Hudson's Bay Co., the Canadian parent of upscale retailer Lord & Taylor, for about $2.4 billion in a deal that will bring luxury to more North American locales. (AP Photo/Richard Drew)

In what is one of the biggest retail news since Target set up shop in Ontario, Saks Fifth Avenue has also confirmed that they are indeed coming to Canada.

The American retailer will be opening its first location in the current Hudson's Bay Bloor Street store in Toronto, which, in our opinion, has needed a major makeover for a long time.

The news comes as no surprise as the Hudson's Bay Co. bought Saks for $2.9 billion earlier this year and said it has plans to open more than 30 stores in Canada.

However, Richard Baker, HBC's chairman and CEO wouldn't confirm whether the luxury retailer was indeed moving into the Bloor-Yonge location, despite reports saying it was a done deal.

“While it’s an excellent location, it’s not confirmed,” he told The Toronto Star. “We are definitely planning on rolling out Saks in Canada and we are still debating locations,” he added.

If Saks does indeed settle into the old Bay location, Baker says it will be the second largest in the world, next to New York City's Manhattan flagship location and will be double the size of luxury Canadian retailer Holt Renfrew, which is located just a few steps away.

But what we really want to know is: Will the shoe department have its own zip code a la Saks Fifth Avenue in Manhattan?

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