Saks Fifth Avenue

Saks Fifth Avenue Closes Two Stores:

Luxury department store Saks Fifth Avenue has announced another store closing. In March, the brand announced the July 10th closing of its Portland, Oregon store. It will also be closing the Saks Fifth Avenue store located in the Fashion Valley Mall in San Diego, California by July 17, 2010. In a press release, Steve Sadove, Chairman and Chief Executive Officer of Saks said that the closing is "consistent with our strategy of focusing our resources on our most productive stores."

Around 70 employees are employed in the San Diego store and will be offered transfer opportunities or will receive appropriate severance packages. Despite the closings Sadove remains bullish on luxury. I had the chance to hear Sadove participate in a panel discussion at the American Express Publishing Luxury Summit recently and it was clear that he is certain that luxury is regaining its footing and that the days of deep discounting and slowly moving merchandise are coming to a close, just not fast enough it seems to save these two stores