Quick Read
- Saks Global announced the closure of nine stores, including eight Saks Fifth Avenue and one Neiman Marcus location.
- The decision follows Saks Global’s bankruptcy filing last month, aiming for strategic realignment.
- The closures impact major markets like Philadelphia, New Orleans, and Birmingham, Alabama, and include 14 personal styling locations.
- Nordstrom is celebrating its 125th anniversary with brand partnerships and customer events throughout 2026.
- Walmart plans to convert its Riverhead, New York, store into a supercenter, adding a full-service supermarket.
NEW YORK (Azat TV) – Saks Global, the luxury department store conglomerate, announced on Tuesday the closure of nine of its retail locations, including eight Saks Fifth Avenue stores and one Neiman Marcus outpost, just weeks after filing for bankruptcy. This significant restructuring, which also impacts personal styling services and online home goods operations, underscores the ongoing challenges and strategic realignments within the high-end retail sector, even as other major players pursue expansion or celebrate milestones.
The closures affect Saks Fifth Avenue stores in Birmingham, Alabama; Columbus, Ohio; East Rutherford, New Jersey; New Orleans, Louisiana; Philadelphia, Pennsylvania; Phoenix, Arizona; Richmond, Virginia; and Tulsa, Oklahoma. Additionally, a Neiman Marcus store in Boston is slated for closure. These decisions follow Saks Global’s bankruptcy filing last month, a move intended to provide the company with the necessary framework to assess and optimize its retail portfolio for future viability.
Saks Global’s Strategic Closures and Bankruptcy Context
The shuttering of these nine prominent luxury department store locations is part of a broader ‘strategic actions’ plan by Saks Global, which also includes closing 14 of its Fifth Avenue Club personal styling locations. Only two of these exclusive styling hubs will remain operational, with a new one planned for Palm Beach, Florida, in the fall. Furthermore, the company is integrating its online-only Horchow home goods retailer into its Neiman Marcus home e-commerce platform, aiming for greater efficiency and synergy.
Saks Global’s financial woes stem from a complex landscape for luxury retail, despite a 2024 merger between Saks Fifth Avenue and Neiman Marcus Group, which aimed to create scale and operational efficiencies. The company’s recent bankruptcy filing in the U.S. Bankruptcy Court for the Southern District of Texas has initiated a critical assessment of its retail fleet, with officials indicating that further closures could be considered as the evaluation continues. The two Bergdorf Goodman stores in New York City and the downtown Dallas Neiman Marcus store are currently unaffected by this round of closures.
Department Store Strategies Amid Market Shifts
While Saks Global navigates a period of contraction, other major department store chains are pursuing distinct strategies. Nordstrom, a long-standing competitor in the upscale retail market, is celebrating its 125th anniversary this year. The company is marking the milestone with a series of events, brand activations, and marketing campaigns, including partnerships with luxury brands such as Chanel, Christian Louboutin, Manolo Blahnik, and Tory Burch on exclusive products and events. Nordstrom is also launching a limited-edition capsule collection and offering special perks to loyalty customers throughout 2026, aiming to leverage its rich history and customer loyalty.
In a different segment of the retail landscape, Walmart is embarking on an expansion strategy by converting its Riverhead, New York, store into a supercenter. This conversion will transform the existing discount department store into a one-stop shopping destination, integrating a full-service supermarket offering groceries, bakery, deli, meats, and produce. The plan involves expanding the store’s footprint from approximately 167,000 square feet to 180,000 square feet, redesigning the interior, and converting an inactive tire center into retail space. Walmart representatives discussed these plans with Riverhead Planning Department staff on Tuesday, signaling their commitment to enhancing customer convenience and market reach.
The Evolving Retail Landscape for Department Stores
The contrasting developments at Saks Global, Nordstrom, and Walmart highlight the divergent paths major retailers are taking in 2026 to adapt to evolving consumer behaviors and economic pressures. For luxury department stores like Saks Global, the focus is on consolidation and efficiency, shedding underperforming assets to streamline operations post-bankruptcy. The move to close stores, particularly after a merger intended to create synergy, signals the intense competition and shifting preferences that demand leaner, more strategically positioned physical footprints.
Meanwhile, Nordstrom’s anniversary celebration emphasizes brand heritage and customer engagement, aiming to solidify its position through curated experiences and exclusive offerings. Walmart’s supercenter expansion, on the other hand, targets convenience and comprehensive offerings, catering to a broader consumer base seeking integrated shopping solutions. These varied approaches illustrate a retail environment where success hinges on clear strategic positioning, whether through targeted luxury experiences, historical brand leveraging, or broad-spectrum convenience, against a backdrop of increasing online competition and fluctuating consumer spending.
The recent store closures by Saks Global, following its bankruptcy filing, reflect a critical juncture for traditional luxury department stores, underscoring the necessity for aggressive restructuring to remain competitive in a rapidly changing retail ecosystem where digital channels and specialized offerings increasingly dictate market dynamics.