Saks OFF 5th to Close New Jersey Store as Part of Nine Location Shutdown

Saks OFF 5th is set to close its East Hanover, New Jersey store on January 17, 2024, as part of a broader initiative that will see nine locations shut down across the United States. The store, located on Route 10, will cease operations at the end of the business day, according to an employee at the site. Notably, no special closing sales will be conducted as the store prepares for its closure.

This decision is part of a strategic move by Saks Global, which plans to close additional Saks OFF 5th locations in various states including Texas, Illinois, New York, Pennsylvania, Washington, D.C., and Connecticut.

Impact on New Jersey Retail Landscape

Despite the closure of the East Hanover location, other Saks OFF 5th stores in New Jersey will remain operational. Stores in Bridgewater, Elizabeth, Paramus, and Shrewsbury will continue to serve customers, ensuring that shoppers still have access to luxury off-price fashion in the state.

Saks Global, a significant player in the luxury retail market, also operates other well-known brands such as Saks Fifth Avenue, Bergdorf Goodman, Neiman Marcus, Last Call, and Horchow. The closure of these locations reflects ongoing adjustments within the retail sector, as companies respond to changing consumer behaviors and economic conditions.

Leadership Changes at Saks Global

In a significant shift within the company’s leadership, Richard Baker has been appointed as the new Chief Executive Officer. He takes the helm following the departure of Marc Metrick, who stepped down after nearly three decades with the company. Baker, who previously held the position of executive chairman, will now oversee all aspects of Saks Global’s luxury retail operations.

As Saks Global navigates this transition, the focus remains on maintaining a robust presence in the competitive luxury market, adapting to evolving consumer demands, and optimizing operational efficiencies across its brands. The closures at Saks OFF 5th form part of a larger strategy to streamline operations and enhance the overall shopping experience for customers.

With the retail landscape continually shifting, these developments signify a critical moment for Saks Global as it seeks to redefine its approach in a dynamic marketplace.