02/18/2016 11:21 EST | Updated 02/18/2017 00:12 EST

Saks opens 1st store in Canada in downtown Toronto

High-end U.S. retail chain Saks makes its long anticipated debut in Canada today by opening its first store in Toronto.

Recently acquired by Hudson's Bay Company, Saks has 38 stores in 22 U.S. states, but Thursday's launch on Queen Street in downtown Toronto is the luxury chain's first location in Canada.

Another is set to open next week in suburban Etobicoke. Five more stores are expected to open in other Canadian cities in the months and years to follow.

Saks has previously said it plans to open as many as 25 Canadian locations for its lower priced Saks Off 5th chain by 2019.

Saks is just the latest U.S. chain to take aim at the Canadian market, doing battle with rival Nordstrom, which has already opened stores in Calgary, Vancouver and Ottawa.

The Canadian launch of Saks also comes on the heels of the Target failure in this country, as the discount chain was done in by logistical problems and slow sales due to higher than expected prices.