NEW YORK--(BUSINESS WIRE)--Hudson’s Bay Company (TSX:HBC) announced today that it plans to renovate and convert its Saks Fifth Avenue store located in Santa Barbara, CA, to the Saks Fifth Avenue OFF 5TH format within the same location. Following the transition of merchandise to nearby Saks Fifth Avenue stores, the conversion will be completed by October 2015. “This is a strategic decision to optimize the potential of the location and still deliver a signature shopping experience within the mark