Saks Fifth Avenue to Close Its Brookfield Place Location in NYC

A little more than two years after its launch in downtown Manhattan, Saks Fifth Avenue is shuttering the doors to its women’s store in New York City’s Brookfield Place.

The sprawling location at 225 Liberty St., which spans three levels and 86,000 square feet of real estate, will officially close Jan. 5. That’s just under two years from the opening of the luxury fashion retailer’s men’s store last February, which covers 16,750 square feet on a single floor at the neighboring 250 Vesey St.

“This Saks branch location was a test concept where we learned even more about how our women’s customers like to shop in New York City,” a spokesperson for the company told FN. “We determined that their preferred format is a combination of our digital channels and our iconic Fifth Avenue flagship, where our Grand Renovation is creating an unparalleled luxury shopping destination.”

The statement continued: “The decision to close this location was not easy, and we intend to transfer as many sales associates to new roles as possible. We have no plans to close our Brookfield Place men’s store.”

The women’s store is Saks’ second in NYC, opening in September 2016 to present the department store’s famed window displays as well as experiential opportunities including in-store art exhibitions and exclusive salons. It joined Brookfield Place two years after the mall’s $250 million renovation that lured in high-end retail tenants such as Hermès, Gucci and Louis Vuitton. (Brookfield Place is soon expected to reveal a new tenant that will take over part of the Saks space, reports FN’s sister publication WWD.)

The announcement also comes shortly after parent company Hudson’s Bay Co. reported third-quarter earnings, calling out a 7.3 percent rise in comparable sales at Saks that put the department store’s rebound well above competitors Neiman Marcus and Nordstrom.

“The business’s ongoing strategy to elevate the brand through enhancement of its fashion offering, increased customer engagement and efforts to bring together the online and offline shopping experience continues to drive traction within the luxury segment,” said Helena Foulkes, HBC’s CEO.

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