A new era of off-price retail is moving into New York City. Hudson Bay’s Company (HBC) announced Tuesday plans to open a 47,333-square-foot Saks Fifth Avenue Off 5th store in midtown Manhattan. The location, 125 East 57th Street, has been vacant since the now-defunct discount retail chain, Daffy’s, moved out in 2012.

The new Off 5th is slated to open in March 2016. It will feature a lobby entrance at street level, which will access two lower level floors. It will be the first of two Off 5th locations to open in New York City. The company previously announced it will open an Off 5th at One Liberty Plaza in downtown Manhattan in 2017.

In a release, Jonathan Greller, president of outlets for HBC, said, “Saks Off 5th delivers an exciting ‘thrill-of-the-hunt’ environment to a millennial shopper demographic. The move into NYC marks a significant milestone for our brand and represents an exciting opportunity for us to bring the distinct Off 5th experience to the NY consumer.”

He added, “HBC has made huge strides on our strategy to grow our off-price business in the U.S., and has aggressive growth planned moving forward, including expansion beyond the United States. We have seen exponential demand as we continue to open new stores, which positions us well for continued growth moving forward.”

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