Saks Off fifth, the off-price division of Saks International, is vacating its 57th Road location in Manhattan, WWD has discovered.
Sources mentioned the constructing housing Saks Off Fifth, positioned in an workplace tower at 125 East 57th Road close to Lexington Avenue, was bought to a brand new proprietor, who plans to create residences on the positioning, that means there will probably be development disrupting enterprise on the retailer. One supply mentioned that because of the impending development, which is seen occurring over at the very least two years, Saks Off fifth officers determined to vacate the area. It’s not clear whether or not different components had been concerned within the determination. Nonetheless, the shop will proceed to be open for enterprise by means of the vacation season.
In response to a question from WWD, a Saks Off fifth spokesperson offered the next assertion:
“Underneath new possession, the constructing housing our 57th Road location in New York Metropolis has been reclassified from business to residential. As a part of this reclassification and the ensuing development over a two-year interval, we’ve got made the choice to exit our New York Metropolis location as of December 31, 2025. As a New York Metropolis-based firm, we’re deeply dedicated to our native clients. They might proceed to buy at our 57th Road location by means of the vacation season, and we sit up for persevering with to serve our buyers at our different tri-state space areas and on-line at SaksOff5th.com.”
When the Saks Off fifth retailer opened in 2016, it raised some eyebrows, contemplating it was solely seven blocks from the Saks Fifth Avenue flagship. A few of Off fifth’s merchandise is discounted items from designers that may also be discovered on the regular-priced Saks Fifth Avenue shops. The Off fifth retailer can be simply two blocks away from Bloomingdale’s 59th Road flagship, which additionally carries designer labels.
The 57th Road Saks Off fifth occupies roughly 47,000 sq. toes over two ranges, making it fascinating for one more retailer or model to open a big retailer there sooner or later.
When the Off fifth retailer opened, Off fifth was thought of a serious development automobile, geared to compete in opposition to Nordstrom Rack and different off-pricers.
The 57th Road Off fifth location featured the primary Gilt in-store store, marking Gilt’s entry into brick-and-mortar retail. New merchandise from high manufacturers, at the very least in its early days, had been arriving nearly every day, offering compelling causes for buyers to go to the shop usually to see what they may uncover.
On the time, Gilt and Saks Off fifth was a part of Hudson’s Bay Co.’s portfolio of retail manufacturers, which additionally included Saks Fifth Avenue and the Hudson’s Bay shops. The retail panorama has dramatically modified since then; Gilt was bought to Rue La La in 2018, Saks International was fashioned and Hudson’s Bay was liquidated earlier this 12 months.
