saks-fifth-avenue

Saks Fifth Avenue To Close Another Store

How much is too much? That's the question Luxury Daily asked when considering the announcement that Saks Fifth Avenue is closing its seventh retail location since July, the Saks Fifth Avenue store at the Cherry Creek Shopping Center in Denver, Colorado. The luxury retail chain already closed its Saks Fifth Avenue stores in Mission Viejo and San Diego, CA; Southampton, NY; Portland, OR; Charleston, SC; and Plano, TX in 2010. The Saks Fifth Avenue Off 5TH store in The Legends at Sparks Marina in Reno/Sparks, Nevada also closed at the first of the year.

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.

Tags: cherry creek, denver broncos notebook, saks fifth ave, Saks Fifth Ave., Saks Fifth Avenue, saks-fifth-avenue, store closing, store closings, store closures

Saks Fifth Avenue Closing Two Stores In July

by Deidre Woollard (RSS feed) —

Luxury department store Saks Fifth Avenue has announced another store closing. In March, the brand announced the July 10th closing of its Portland, Oregon store. It will also be closing the Saks Fifth Avenue store located in the Fashion Valley Mall in San Diego, California by July 17, 2010. In a press release, Steve Sadove, Chairman and Chief Executive Officer of Saks said that the closing is "consistent with our strategy of focusing our resources on our most productive stores."

Around 70 employees are employed in the San Diego store and will be offered transfer opportunities or will receive appropriate severance packages. Despite the closings Sadove remains bullish on luxury. I had the chance to hear Sadove participate in a panel discussion at the American Express Publishing Luxury Summit recently and it was clear that he is certain that luxury is regaining its footing and that the days of deep discounting and slowly moving merchandise are coming to a close, just not fast enough it seems to save these two stores.

Tags: portland, saks, Saks Fifth Avenue, saks-fifth-avenue, SaksFifthAve, san diego, steve sadove

More Grim News For The Luxury Market

by Laura Malesich (RSS feed) —

Filed under: Apparel, Jewelry, Cosmetics and Fragrance

Earlier this week the first quarter statements for two of the biggest luxury retailers, Saks and Neiman's, reported a healthy status but both aren't seeing as many shoppers as usual. For February, Saks enjoyed a small, little bump in revenue as sales rose 3.4 %, but Neimans dropped 7.3.% after January promotions. Although a recession never seems to affect the uber-affluent who will continue to shop for premium luxury items, the economic woes of late may make the aspiring customer hesitate until the market turns back around. I think its impressive how much internet buying adds to the bottom line -- last quarter Neiman's online sales were $180 million, up almost 16%! Both retailers are finding every opportunity they can to cut costs and provide items that will appeal to their customers, such as specialty items and certain must-have colors. Maybe they aren't enjoying the crowds of yesteryear but they aren't in any real pain yet...

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Tags: economy, luxury-market, neiman-marcus, saks, saks-fifth-avenue

W Magazine Gives Away 'It' Bags

by Laura Malesich (RSS feed) —

Filed under: Handbags, Events

W Magazine has just launched their website so to celebrate they have joined up with Saks Fifth Avenue to offer one lucky contestant the opportunity to win four "It" bags worth $11,000! Here are the fabulous handbags that are certainly worth winning:

Chloe Bay Patent Hobo Bag
Marc Jacob's Lace Robert Bag
Dior "Babe" Python East/West Frame Bag
Jimmy Choo "Pilar" Clutch with Face Design

You can choose between subscribing to the magazine or just entering the contest, but I think they sound like a great combination.

[via What's Haute]

Gallery: W Magazine & Saks Fifth Avenue Giveaway "It" Bags

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Tags: chloe, dior, jimmy-choo, marc-jacobs, saks, saks-fifth-avenue, w-magazine

Robb Report Limited Edition Series

by Laura Malesich (RSS feed) —

Filed under: Apparel, Jewelry, Luxury Travel & Hotels, Services, Timepieces / Watches, Yachts & Sailing, Wine, Wings, Writing Instruments, Holiday Guides, Preferred

The cream of the crop is officially all in one spot as the Robb Report, a global luxury source, recently released their limited edition series of rare items and unforgettable trips. From timepieces to cars, jewelry to wine, and trips to Aspen or Manhattan this list has something special for everyone and is bound to trip your trigger for must-haves. Imagine surprising someone with one of these unique gifts for the holidays! But don't wait too long -- the items went live for purchase a few days ago. Peruse the gallery and see for yourself the amazing offerings from Robb Report listed below:

Louis XIII de Rémy Martin's Robb Report Limited Edition Century-Old Barrel of Cognac: $2 million
ECOSSE Moto Works' Robb Report Limited Edition Titanium Series Motorcycle and Timepiece: $275,000
Steinway Lyngdorf's Robb Report Limited Edition Steinway & Sons Custom Model D Music System: $250,000

Gallery: Robb Report Limited Edition Series