Investing.com — Saks Global Enterprises LLC unveiled a strategic optimization plan Tuesday that includes closing eight Saks Fifth Avenue stores and one Neiman Marcus location.
The luxury retail company is refining its store footprint to focus on profitable locations with the highest growth potential, according to CEO Geoffroy van Raemdonck. The decision is based on factors including performance and lease economics.
“We are initiating a series of actions to reinforce Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman as the ultimate destinations for luxury with a seamless multi-channel shopping experience,” van Raemdonck said.
The company also announced it will close most standalone Fifth Avenue Club personal styling suites, keeping only three locations in markets that present growth opportunities. This service was originally created for customers in areas without physical Saks Fifth Avenue stores, but the 2024 acquisition of Neiman Marcus Group now allows the company to serve many of these markets through Neiman Marcus stores.
Additionally, Saks Global will transition the Horchow brand to Neiman Marcus’ online platform beginning February 19. Customers will be directed to the Home category on NeimanMarcus.com, where they can find the same assortment previously available on Horchow.com.
The company stated that with the exception of locations commencing closing sales, all stores and e-commerce platforms across Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman will continue operating as usual. No changes are planned for the Bergdorf Goodman operational footprint.
Saks Global emphasized that it remains committed to serving customers in markets without a physical presence through online and remote selling services.
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