Source: Retail Dive
Summary
Saks Off 5th will close up to 20 stores across the United States. The company announced that the closures are part of its efforts to optimize its store fleet and improve profitability. The closures will occur over the next two years. Saks Global stated that there are no plans to reconsider additional announced closures at this time. The company will focus on its e-commerce business and remaining stores.
Our Reading
The look feels familiar. Retailers continue to reevaluate their brick-and-mortar presence, and Saks Off 5th is no exception. The move to close underperforming stores is a common strategy in the industry. The focus on e-commerce is also a familiar trend. Saks Off 5th’s efforts to optimize its store fleet are a nod to the changing retail landscape. The cycle of store closures and e-commerce growth continues.
Author: Evan Null
