Saks Fifth Avenue, the world's leading luxurious goods retailer, has chosen Shanghai to locate its first outlet in China which is slated to be open in 2008, according to Shanghai Securities News on Wednesday.

Under the agreement with Saks, the Roosevelt China Investments Corp., authorized by the Fifth Avenue, will own and run the store in China.

Saks has the plan to expand its business in China. The first Saks Fifth Avenue in China will offer the same products and services as the US store and also caters for local consumers.

By People's Daily Online