Not to worry:
'Opening in February, Saks’ flagship Toronto store had one of the highest performing store openings in the retailer’s history' - http://business.financialpost.com/n...uge-success-despite-weakness-in-luxury-sector
Target ≠ Saks / Nordstrom, as Shoppers World Danforth ≠ Eaton Centre
It's silly to equate Target's experience with entrance here with that of either Nordstrom or Saks just because they both happened to be based in the US. They're fundamentally different markets not only in terms of price, but in terms of offering, retail experience, and a litany of other factors.
As that National Post article suggests, Saks is off to a roaring start, which is all the more impressive given a depressed luxury retail market environment. Target's entrance was flawed for a number of reasons, some of them having nothing to do with consumers' proclivities for their products or shopping experiences, such as supply chain management.
It's similarly unhelpful to suggest that a retailer—or any business, for that matter—won't succeed in a new market because you, individually, don't want to pay their price point. To that point specifically, I'd hazard to guess that Saks and Nordstrom will be fairly competitive on a price-per-same-product basis against Holts, Harry Rosen, and independent clothing boutiques.
Frankly, the Holts and Harrys of the world have been strangely lucky to enjoy the command of the luxury retail share they've done for so long. A little competition is good for them (we can dream of Air Canada and WestJet being next in line).