store closures

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.

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Saks Fifth Avenue To Close More Stores

by Deidre Woollard (RSS feed) —

Filed under: Luxury Shopping

Back in May we learned that luxury department store Saks Fifth Avenue was closing two stores, one in Portland, Oregon store and another at the Fashion Valley Mall in San Diego, California. Now two more underperforming stores are set to close. The Saks Fifth Avenue store in Southampton, New York closes on Saturday and the Saks Fifth Avenue Off 5TH store in The Legends at Sparks Marina in Reno/Sparks, Nevada closes at the first of the year.

"We routinely review the productivity, profitability, and potential for each of our stores and may determine it is appropriate to close a store from time to time," noted Steve Sadove, Chairman and Chief Executive Officer of Saks. "Store closing decisions are difficult ones to make, but the planned closing of these two locations is consistent with our strategy of deploying our resources in productive stores and closing underperforming stores, when feasible." Other Saks store closings have also includes stores in Charleston, South Carolina and Plano, Texas. The Saks Fifth Avenue store in Mission Viejo, California also closes later this month.

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