Saks to Shutter Store in Dubai

In Reports, What's New, Industry News by Accessories Staff

Saks DubaiSaks Fifth Avenue is shuttering its store in Dubai, United Arab Emirates.

Opened in 2004, the 80,000 square foot department store in Dubai’s Burjuman mall sold apparel, shoes and accessories for men and women.

The news comes at the end of Sak’s licensing agreement. The arrangement was between Saks Incorporated and Style Avenue Middle East (a partnership with United Arab Emirate retailers Chalhoub Group, Al Mana Group, Damas Jewellery and Kapico Group).

An official spokesperson for Burjuman mall confirmed with Thompson Reuters that “the lease agreement with Saks Fifth Avenue is approaching its natural conclusion,” adding that the space will be incorporated into the mall’s expansion plan announced three years ago.

Saks had already closed its location in Riyadh, Saudi Arabia in 2012.

Reports of a retail slowdown in Dubai, spurred by a strong U.S. dollar (to which the UAE dirham is linked), as well as a slump in high-spending Russian tourists, has some retailers worried. Even so, American retailers continue to push into the Middle East, notably Charming Charlie and Bloomingdale’s and Macy’s.

 

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