Saks Off 5th closing stores across multiple states

Saks Off 5th, the discount sister brand of luxury department store Saks Fifth Avenue, is planning to close nine stores across the U.S. beginning early next year.The retailer – which operates roughly 100 stores across the U.S. and Canada – will close stores starting in January 2026 as part of a broader effort to "optimize" its store presence, a Saks Global spokesperson confirmed to FOX Business in an email."As part of our ongoing and comprehensive strategy, we have taken a critical eye to our store footprint and will be closing select store locations in early 2026," the spokesperson said.SAKS OFF 5TH SPLITS OFF E-COMMERCE BUSINESS IN $1B DEALStores are expected to close in Austin, Texas; Chicago, Illinois; East Hanover, New Jersey; Niagara Falls, New York; Pittsburgh North, Plymouth Meeting and Franklin Mall in Pennsylvania; Washington, D.C.; and West Hartford, Connecticut, USA Today reported.The move will allow the retailer to "place greater attention to our high-performing and high-potential store locations, and refinements across our store footprint," the spokesperson told FOX Business.SAKS FIFTH AVENUE SHUTTING DOWN SAN FRANCISCO LOCATION AFTER NEARLY 45 YEARS"We are confident this will better position the Saks OFF 5TH business for long-term success and look forward to continuing to deliver for our customers," the spokesperson added.Saks Off 5th is also expected to close its 57th Street location in Manhattan in December, Crain's New York Business previously reported.In October, spending on luxury brands declined 3% year over year, Reuters reported, citing the latest U.S. credit card data from Citi.SAKS OWNER TO BUY NEIMAN MARCUS — WITH HELP FROM AMAZONThis followed three months of improvement as the government shutdown weighed on consumer confidence.Saks Off 5th is among a number of retailers that have announced closures in recent years.In January, Macy’s identified 66 stores that it planned to close this year. A month later, JCPenney announced plans to close a "handful" of stores as it struggled to keep pace with rapidly changing market conditions. GET FOX BUSINESS ON THE GO BY CLICKING HERE FOX Business' Daniella Genovese contributed to this report.Weiter zum vollständigen Artikel bei FOX Business Weiter zum vollständigen Artikel bei FOX Business