New York City — Saks Global Enterprises LLC, a leading multi-brand luxury retailer, is advancing its planned optimization across its store portfolio by announcing the closure of an additional 12 Saks Fifth Avenue and 3 Neiman Marcus locations. This builds on initial closures announced last month.
“This strategic optimization is part of our ongoing transformation and rooted in our long term view of our business,” says Geoffroy van Raemdonck, chief executive officer of Saks Global. “Our go-forward store portfolio will comprise the best performing and most desirable locations in markets with the highest concentration of luxury customers, enabling us to deepen loyalty and drive sustainable growth. With a refined footprint, we are creating a stronger platform for our brand partners and an even more compelling customer experience as we focus on investing in the luxury experience, sharpening the differentiation of our coveted banners and fully leveraging our prime owned and other retail locations.”
While select markets will be streamlined to include either a Saks Fifth Avenue or Neiman Marcus store based on unique considerations for each location, including performance and customer preference, the company will continue to operate both banners in leading luxury destinations that represent a significant growth opportunity.
With today’s announced closures, Saks Global has largely completed the optimization of its footprint. There are no changes to the Bergdorf Goodman operational footprint.
“We recognize the impact these strategic decisions have on our colleagues and are deeply grateful for their contributions. We are supporting the impacted teams as much as we can through this transition and will provide transfer opportunities where available,” says van Raemdonck.
With the exception of the closing locations, the company’s stores and e-commerce experiences across Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman are operating as usual.
Saks Global is the largest multi-brand luxury retailer in the world, comprising Saks Fifth Avenue, Neiman Marcus, Bergdorf Goodman and Saks OFF 5TH. For more information, visit www.SaksGlobal.com.
SOURCE: Saks Global