A Deep Dive Into Saks Global and Real Estate Entrepreneurship with Richard Baker

Richard A. Baker is an accomplished executive and visionary leader renowned for identifying transformative opportunities at the intersection of retail and real estate. He is the owner of National Realty & Development Corporation (NRDC), one of the largest private real estate development and investment companies in the United States, and has spent decades reshaping the North American retail landscape through bold acquisitions and strategic vision. Baker is also a founding partner, alongside his son Jack Baker, of NRDC Equity Partners.

Baker’s career is defined by landmark deals built on a proven strategy: acquiring premier retail companies and unlocking value through their underlying real estate assets. Notable transactions include the purchase of Lord & Taylor and the sale of its iconic Fifth Avenue flagship to Amazon; the acquisition of Hudson’s Bay Company and the sale of the discount chain Zellers to Target; and the monetization of numerous real estate holdings for billions of dollars in consideration. In Germany, Baker acquired Galeria Karstadt Kaufhof and sold it three years later for a billion-dollar profit. In 2013, Baker acquired Saks Fifth Avenue, financing the transaction against the Fifth Avenue building, valued at the time at more than the purchase price of the entire company. By the end of 2024, Baker had merged Saks Fifth Avenue with Neiman Marcus and Bergdorf Goodman to form the world’s largest luxury retail operation. He also served as chairman of Retail Opportunity Investments Corporation (ROIC), a NASDAQ-listed REIT acquired by Blackstone Real Estate for $4 billion in 2025.

Beyond business, Richard and his wife Lisa are dedicated philanthropists and mental health advocates.  Baker has directed over $100 million through multiple charitable foundations to organizations throughout North America.  A proud Cornell University alumnus, he holds a B.S. in Hotel Management and, alongside his wife, has endowed the Baker Program in Real Estate at Cornell.

Gary Esposito is a LEED AP BD+C certified architecture design and real estate development professional specializing in the execution of complex, large-scale real estate projects. Esposito has overseen diverse mixed-use programs including residential, hospitality, and luxury retail for iconic brands such as Saks, Bergdorf Goodman, and Neiman Marcus. His expertise is rooted in a strong architectural and development foundation, having worked at Caruso Affiliated on luxury retail and hospitality projects on the West Coast, as well as Handel Architects, working on major East Coast developments. A standout in his field, he won the prestigious ULI Hines Student Competition while at Cornell University, where he earned his Master of Architecture with honors from AAP and a minor in Real Estate. He specializes in bridging the gap between high-level architectural design and commercial viability, ensuring that creative vision consistently drives value and meets rigorous investment objectives.