Saks Fifth Avenue is closing its lone remaining store in New Jersey at The Mall at Short Hills.
The Hudson's Bay Co. (TSE:HBC) owned banner announced plans to open a new flagship in the state at the now under-construction shopping and entertainment complex in the Meadowlands.
"Saks is committed to our shoppers in the New Jersey market with our investment in a brand-new Saks Fifth Avenue store at American Dream," the company told The Bergen Record.
But construction of the American Dream project has stalled while the developer, Triple Five Group, secures more funding.
Still, Saks is planning to open at the end of 2017 or beginning of 2018. Sak's parent company Hudson's Bay Co. also plans to open Lord & Taylor and Saks Off 5th locations at American Dream.
"What we're doing is closing one store and opening a very powerful store outside that market," Saks' President Marc Metrick told Women's Wear Daily. "When you build powerful centers with a reason for people to come and see things, they'll drive a little farther."
Hudson's Bay has defied the department store blues with sales and earnings jumps, an increase in comp-store sales and strong digital growth. Even more growth is planned for 2016, with increased financial projections and nearly 40 new stores.
The New Jersey store design will differ from existing Saks stores and feature a more open layout. The retailer's newest location in Houston is a model for what's to come.
- see this Women's Wear Daily story
- see this story in The Bergen Record
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