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A well-known department store chain, Saks Fifth Avenue, plans to close one of its stores in a major American city.
The store set to shut down is located in Indianapolis, Indiana.
Saks Fifth Avenue to Exit Keystone Mall
As reported by IndyStar, the Saks Fifth Avenue store located in The Fashion Mall at Keystone, in the northern part of the city, is preparing to close.
Mall executives and the real estate investment trust, Simon, have confirmed this development.
While an exact date for the shutdown has not been provided, Saks informed The U.S. Sun that the closure is anticipated in July 2024.
The company said, "Saks Fifth Avenue has decided to close our store in Indianapolis, Indiana."
"These decisions are tough, but they are the best for our company," a Saks Fifth Avenue spokesperson said about the upcoming store closure.
The company also emphasized its commitment to fairness, stating, "We are dedicated to treating all employees respectfully throughout this process, and all eligible workers will receive suitable severance packages."
Alongside the store closure, Simon, the mall's managing entity, announced plans to overhaul the mall. "Simon is at the forefront of transforming today's retail environment by turning key properties nationwide into top-tier lifestyle destinations," the group stated in a press release.
The upcoming redevelopment of The Fashion Mall at Keystone highlights its commitment to enhancing the shopping and lifestyle experience. "This project further cements the mall's dedication to offering a premier retail and community-focused destination in the region," the mall's executives added.
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The upcoming redevelopment of The Fashion Mall at Keystone highlights its commitment to enhancing the shopping and lifestyle experience. "This project further cements the mall's dedication to offering a premier retail and community-focused destination in the region," the mall's executives added.
The management company, Simon, is concentrating on turning the mall into a top spot for shopping, dining, entertainment, and mixed uses.
The mall aims to introduce new amenities to establish The Fashion Mall as the leading experiential shopping hub and a central gathering place for the community to work, dine, play, and shop.
Luxury Retailers to Stay at Keystone Mall
(Photo : Pexels/XuânThốngTrần)
The Fashion Mall at Keystone has long been a hub for high-end shopping, featuring luxury retailers like Louis Vuitton, Gucci, and Tory Burch.
These prestigious stores will continue to operate at the mall, much to the relief of luxury shoppers.
Fans of department stores will also be pleased to know that Nordstrom will remain open.
Despite these positives, the news of Saks Fifth Avenue's closure has left many shoppers feeling sad and nostalgic.
"This is heartbreaking," a shopper said on Facebook about Saks Fifth Avenue's closure. I got my first big girl credit card from them."
Another user on Facebook voiced a grim forecast for the future of retail stores: "Let the domino effect begin...."
The shutdown of this Saks Fifth Avenue store is part of a broader trend affecting the U.S. retail sector. Macy's, another iconic retailer, has also announced significant closure plans, with 150 stores set to shut down over the next three years.
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