Saks Fifth Avenue has announced the closure of its Union Square store, effective May 10, after operating under an 'appointment only' format since July. This decision follows significant layoffs and closures among other retail giants in the area, indicating a trend of downsizing. Despite a recent acquisition by HBC of Neiman Marcus's property, Saks denies any broader consolidation plans. The company cites a shift towards long-term growth as the reason for the closure. In contrast, Zara is set to open a new flagship store nearby, providing a glimmer of hope for the shopping district.
Saks Fifth Avenue's Union Square store will officially close on May 10 after operating for nine months on an 'appointment only' basis.
The closure follows significant layoffs and hints at a trend, as retail giants like Bloomingdale's and Macy's have also reduced operations in the area.
Despite rumors, Saks denies plans to merge with Neiman Marcus, though their parent company, HBC, recently acquired the latter's property nearby.
The company claims the closure was made to focus on long-term growth, despite previous engagement through their appointment-only format.
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