As if the intersection of Queen and Yonge Streets wasn't already a veritable one-stop shopping destination, fashion fiends have new reason to celebrate with today's announcement that Saks Fifth Avenue will be landing across from the Eaton Centre. The approx. 150,000-square-foot, multi-level Saks flagship is expected to open in fall of 2014, and will share the existing Hudson's Bay space on Queen St.

Hudson's Bay acquired Saks Inc. late last year for $2.9 billion US, including debt. While the Saks flagship was originally slated for Yonge and Bloor, those plans seem to have fallen through. Now, HBC is selling its Queen St. location to an affiliate of Cadillac Fairview, the company that owns the Eaton Centre. The lucrative $650 million deal also includes the Simpson's tower, with the HBC leasing back the retail and office space for a base term of 25 years.

But that's not all: as part of this deal, a second Saks location will also be opening in Sherway Gardens.

The Queen West Saks flagship will see the Eaton Centre bookended in luxury—Nordstrom is slated to open in the space recently vacated by Sears in fall of 2016.