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prada saffiano nero wallet trying to keep up with its rivals Neiman Marcus and Nordstrom, which have performed well post recession.After getting battered by the Great Recession, Saks discounted heavily to bring shoppers back. That move hurt the chain's image, which is higher brow.Saks since has returned to selling clothes and other merchandise at full price and focused on closing unprofitable stores. financial meltdown in 2008.In the latest fiscal year, Saks reported annual revenue of $3.15 billion, up more than 4 percent from the previous year but still below the $3.28 billion in the year ended in January 2008. Saks' net income fell nearly 16 percent to $62.8 million in the latest year.Belus Capital Markets analyst Brian Sozzi said that Saks shopping experience still isn't as inviting as that of Nordstrom and Neiman Marcus. For example, Nordstrom has been doing things like allowing shoppers to checkout in fitting rooms using sales associates' hand held gadgets. And Neiman Marcus, which didn't suffer during the Great Recession, has a long held reputation for coddling its affluent shoppers through its loyalty programs."There has been a lot of promise in terms of potential, but Saks hasn't lived up to the hype," Sozzi said.Still, Hudson's Bay sees promise in Saks. Hudson's Bay will pay $16 per share for Saks, a 5 percent premium over the company's Friday closing price of $15.31. The companies put the deal's total value at about $2.9 billion including debt.Saks' stock jumped more than 4 percent, or 64 cents to close Monday trading at $15.95. Shares are up 48 percent since the start of the year.The acquisition will marry two storied retailers. Hudson's Bay was founded in 1670 as a trading firm for furs and other goods. It is considered the oldest company in operation in North America. There are about 90 Hudson's Bay location in Canada. The parent company also operates Home Outfitters, Canada's largest home specialty superstores, with 69 locations in Canada.The company has seen steady revenue increases for the past few years. For the fiscal year ended Jan. 28, 2012, revenue rose 5.9 percent to $4.07 billion Canadian dollars $3.94 billion. The company had a loss of $44.8 million Canadian dollars $43.4