Department Stores

Saks Fifth Avenue Closing Denver Store

Location opened in 1990

Published

13 years ago

January 7, 2011

VMSD Staff

Luxury department store retailer Saks Inc. (New York) is closing its Saks Fifth Avenue store at Denver’s Cherry Creek Shopping Center in March.

Saks says the 87,000-square-foot store is “underperforming,” reports The Denver Business Journal. It’s one of the mall’s major anchor tenants, along with Nordstrom, Neiman Marcus and Macy’s.

“We routinely assess the productivity, profitability and potential for each store in our portfolio and may conclude a closing is appropriate from time to time,” Steve Sadove, chairman and ceo, said in a statement. “Our strategy is to deploy our resources in our most productive stores and to close underperforming stores, when feasible.”

The retail company said it expects to realize a net after-tax gain of about $6 million in quarter ending Jan. 29, related to the Denver store closing.

The mall is owned by Taubman Centers Inc. (Bloomfield Hills, Mich.).

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