BLOOMBERG NEWS ARTICLE 1/4/19
For department stores, the fight for New York is fiercer than ever.
In a sign of retrenchment ahead of rivals’ expansion, luxury retailer Saks Fifth Avenue is shutting the doors of its women’s store at Manhattan’s Brookfield Place this week — a location it opened just two years ago. While Saks’s smaller men’s store will stay open, the failure of the women’s shop shows that New York remains a department-store battlefield — and highlights how the competition is intensifying.
“For New York specifically, there is a real battle for consumer spending as more large stores open in the city,” said Neil Saunders, managing director at GlobalData Retail. The Saks Brookfield Place store, he said, may not have even been needed given the company’s flagship location about 5 miles north on Fifth Avenue. “The whole purpose of a flagship is that it draws in people from a very large radius without the need for smaller locations,” Saunders said. [READ MORE BLOOMBERG.COM]