Saks Fifth Avenue is shuttering its men’s store at Brookfield Place in lower Manhattan tomorrow.
Parent company Hudson’s Bay Co. confirmed today that the outpost will shut down on Jan. 31, a year after the closure of its women’s shop in the same mall. The space, which opened in February 2017, spans 16,750 square feet on a single floor at 250 Vesey St. in New York’s Wall Street financial district.
“With this branch location, we determined that our customers’ preferred shopping experience is a combination of our digital channels and our iconic Fifth Avenue flagship, where we have created an unparalleled luxury shopping destination,” a spokesperson said. “The decision to close this location was not easy, and we intend to transfer as many sales associates to new roles as possible.”
HBC also shared plans to retain the space, adding that it “is in the process of developing plans for its future use.” An announcement is expected in the coming months, but no other details are currently available.
Saks’ sprawling Brookfield Place women’s store at 225 Liberty St., which spanned three levels and 86,000 square feet, shuttered early in January 2019 after opening in September 2016. At the time, the company said it had no plans to close the neighboring men’s shop.
In July 2019, Saks debuted an 8,000-square-foot men’s shoe floor at its New York flagship as part of the store’s multiyear renovation plan. The location offers extended sizing, sneaker cleaning, a lace bar and repair stations, among other features.
In its latest earnings report on Dec. 10, HBC saw Saks’ third-quarter comps fall 2.3% versus a 7.3% gain a year ago, and its two-year stacked comps were 5%. The department store chain also currently faces heavy competition in its home New York base with rivals Nordstrom and Neiman Marcus opening flagship locations in the city within the past year.
Saks had also entered into a licensing agreement with Authentic Brands Group for the rights to the Barneys New York’s name. (ABG purchased Barneys’ intellectual property in November.)
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