Perhaps in acknowledgement of this Midwestern trait, Saks Fifth Avenue will keep open its 27,000-sf Off 5th store in the same center. "This announcement is consistent with our strategy of rationalizing our real estate portfolio to focus our resources on our larger and most productive units, expanding our saks.com business and strengthening our brand," says Fred Wilson, chairman and chief executive officer of Saks Fifth Avenue Enterprises.
The company already operates a chain of Herberger's department stores in the Twin Cities area and is looking at the possibility of opening a new Herberger's store in Gaviidae, says R. Brad Martin, chairman and chief executive officer of Saks Inc., the parent company. Gaviidae Commons is a 400,000-sf urban shopping mall developed and owned by Brookfield Properties.
The Minneapolis store has 70 employees who will either be offered transfers or severance packages. The store will remain open through the holiday shopping season and close in January.
Last week, Saks Fifth Avenue said it would close eight Saks Fifth Avenue stores and three Off 5th locations. After the Minneapolis closing and the other eight closings, Saks Fifth Avenue will operate 55 Saks Fifth Avenue stores with 6.1 million sf of space and 52 Off 5th stores with 1.5 million sf of space.
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