Sunday, August 22, 2010

Hometown Hero closes its Doors. Bye Bye Saks Fifth Ave!

Much to my surprise Saks Fifth Ave is closing its doors in Plano, Texas (my hometown).  Season after season of disappointing sales leads the retailer to shed 5 stores nationwide. 

The lux department store company plans to close two Saks Fifth Avenue stores in Plano, Texas, and Mission Viejo, Calif. That's in addition to stores in San Diego, Portland, Ore., and Charleston, S.C., that Saks closed a month earlier. CEO Steve Sadove said there may be more store closings to come this year.

Meanwhile, Saks is opening more of its discount Off 5th outlets in suburban Portland, Ore., Cypress, Texas, and Mebane, N.C. Sadove told analysts in a conference call that after two years on the defensive, the company has begun making investments in areas that will have the biggest impact on the bottom line.

Let's hope consumer cencentric events like the Frederic Fekkai Style Trail Event exclusively at Saks Fifth Ave nationwide on August 26 can boost sales!

More In the News
See full article from DailyFinance
Saks to close Shops at Willow Bend

2 comments:

  1. OMD...A world without saks must be like a world without selfridges in the UK....(*sheds a tear)


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