Filed under: Luxury Shopping
Some luxury watchers cheered the move saying that it was a smart response to a changing luxury market. The news came out last week as Saks announced that revenue in stores open at least a year rose 11.8 percent in December. Another piece of good news: sales for the five weeks ended January 1 rose 10 percent to $432.2 million from $393.7 million a year earlier. The best-selling items of the month included women's and men's clothes, shoes, purses and makeup.
Approximately 100 associates are employed in the Denver Saks Fifth Avenue store which will close on March 19. All affected associates either will be offered transfer opportunities or will receive appropriate employment separation packages. The Denver store opened in 1990 and is approximately 87,000 square feet. The departure of the store leaves a hole in the Cherry Creek Shopping Center which may not be able to find an anchor store to fill the spot for some time. The space fronts East First Avenue, making it a prime spot for luxury shopping for the right tenant.