Saks Fifth Avenue permanently closing Cincinnati store
The downtown store is expected to shutter by the end of 2022.
CINCINNATI (WXIX) - Luxury retailer Saks Fifth Avenue is closing its only store in the Tri-State.
The Downtown Cincinnati location is expected to close by the end of the year.
“These decisions are never easy, but they are the right ones for the company,” a Saks Fifth Avenue spokesperson said Wednesday. “We are committed to treating every associate with respect and fairness throughout the process; all eligible associates will receive appropriate employment separation packages and transfer opportunities will be explored where feasible.”
It’s unclear whether the company is planning to open a store elsewhere in Cincinnati or has decided to leave the market altogether.
The Saks stores in Indianapolis, Columbus and Cleveland are all located in affluent suburban retail corridors.
The closure will leave Cincinnati without a national name-brand retailer downtown. Macy’s shuttered its downtown store in March 2018. Tiffany’s left downtown for Kenwood in November of the same year.
The Macy’s store has since been transformed into a mixed-use development called The Foundry with tenants including Deloitte and Jeff Ruby’s.
Saks’ location on Fifth Street in Downtown Cincinnati is located in an area of increased focus for 3CDC, which led The Foundry redevelopment as well as the construction of 4th and Race.
3CDC is spearheading a collaborative city-county effort to redevelop the district surrounding the Duke Energy Convention Center including the construction of an 800-room hotel on the 4th Street parking lot south of the DECC.
3CDC Executive Director Steve Leeper told the Hamilton County Board of Commissioners he hopes to bid out the project to national hotel brands and developers by the end of the year, with a completion date of end-2025 in sight.
The cost is expected to be around $360 million for the hotel alone, with the redevelopment of the convention center adding another $100 million. So far, no funding source has been decided.
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