Saks Fifth Avenue to exit Brookfield Center

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Saks Fifth Avenue to exit Brookfield Center

By Marianne Wilson - 12/17/2018
Brookfield Place, the upscale shopping center that opened in 2015 in Manhattan’s Financial District, is losing a premier tenant.

Saks Fifth Avenue plans to shutter its women’s store at Brookfield Place on Jan. 5, reported Women’s Wear Daily. The three-level, 86,000-sq.-ft. location has been in operation just over two years.

Saks described the store as the “first of its kind” back when it opened. Decidedly smaller than most Saks’ locations, it has a boutique feel, with some traditional departments, such as handbags, eliminated. Instead, handbags and certain other products are grouped by brand as opposed to category. The merchandise mix includes a strong focus on avant-garde and emerging designers, including many of whom are commonly not featured in department stores, with product merchandised by lifestyle.

The closing of the Saks store at Brookfield comes as the retailer is focusing its attention on the extensive renovation of its Manhattan flagship, on Fifth Ave.

“This Saks branch location was a test concept where we learned even more about how our women’s customers like to shop in New York City,” a spokeswoman told WWD. “We determined that their preferred format is a combination of our digital channels and our iconic Fifth Avenue flagship, where our grand renovation is creating an unparalleled luxury shopping destination.”

Brookfield Place is also home to the U.S. headquarters of the Hudson’s Bay Co., whose holdings include Saks Fifth Ave. and Lord & Taylor. The relationship between HBC and Brookfield facilitated the entry and exit of Saks Fifth Avenue from the center, according to WWD.