The iconic Saks Fifth Avenue store on Chicago’s Magnificent Mile is one of several locations across the U.S. now set to shutter, the company said in an announcement of a second round of closures on Friday.
Saks Global announced the closure of the Saks Fifth Avenue store on Michigan Avenue as part of a “planned optimization across its store portfolio” that also includes shuttering 19 other Saks Fifth Avenue stores and 4 Neiman Marcus stores across the country.
“Our go-forward store portfolio will comprise the best performing and most desirable locations in markets with the highest concentration of luxury customers, enabling us to deepen loyalty and drive sustainable growth,” said Geoffroy van Raemdonck, Chief Executive Officer of Saks Global. “With a refined footprint, we are creating a stronger platform for our brand partners and an even more compelling customer experience as we focus on investing in the luxury experience, sharpening the differentiation of our coveted banners and fully leveraging our prime owned and other retail locations.”…