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Saks Fifth Avenue To Close At End of December

The Renaissance Place anchor store will shut its doors in Highland Park at the end of the holiday shopping season. The city and developers are already working to find new retailers.

The in  will close at the end of December, Crain's Chicago Business reports.

The 49,000 square-foot store opened in 2000 in downtown Highland Park. Though no reason has been reported yet for the store's closing, it follows a trend of Saks closures over the past decade. The Saks location at Skokie's Westfield Old Orchard mall closed in 2005, according to Crain's, which also points out that after the Highland Park store closes, the only remaining full-line Saks store in the Chicago area is its flagship location on Michigan Avenue.

Shortly after the news was announced, the asset manager for Renaissance Place issued a press release outlining its plan to deal with the loss of its anchor store.

“We have enjoyed our relationship with Saks," said Metzler Real Estate CEO Don Wise. "Looking forward, we are committed to continue providing the best possible customer experience for the Highland Park community."

Though few details have been revealed about what's next for Renaissance Place, the release indicates that the real estate company may be considering placing a mix of independently owned boutiques as well as larger national chains in the Saks space. .

"We expect some exciting announcements in the coming months," Wise said.

The company is working with the city of Highland Park to find retailers.

"We are pleased to be proactively working with Metzler to identify retailers that will further enhance our dynamic downtown business district,” said . 

This is a developing story. Keep checking back for more details.

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Jeff Wheeler September 06, 2012 at 04:34 AM
David -- Agreed. I'll have coffee with you before the 'going out of business sale' but only when the items get marked down to below 'Off 5th' prices and before they move the merchandise over the border to Northbrook, where the sales tax revenues will go instead of to HP.
Louis G. Atsaves September 06, 2012 at 02:27 PM
I don't understand. We've turned the corner. Things are getting better. In just a little while according to Bill Clinton, economic prosperity will explode and shower all of us with endless riches and comforts which we will all share equally. Anyone, according to he who was impeached while in office, including those nasty Republicans, who say otherwise just aren't telling the truth. Listen to him! So why are stores and restaurants in this region still closing? Why so many vacant store fronts with "For Rent" signs in Highland Park, Deerfield and Lake Forest? Why are so many homes still being foreclosed in our area? Why does the unemployment rate remain so stubbornly high? Things are getting better! Right?
Carl Lambrecht September 06, 2012 at 03:17 PM
James please tell me more about the TIF. If you are not comfortable to write on this you can telephone me at 847 432 8255.
forest barbieri September 06, 2012 at 04:22 PM
The word "relativity" comes to mind. Things are slowly improving as evidenced by SOLD signs on homes, "Tear Downs" happening again as well as general retail and travel activity. We went down a steep slope and it is a slow crawl out. Many of the stores and restaurants that have closed have closed because of poor concept, under financed, poor execution, the wrong idea at the wrong time et al. Take a look at RUB which opened during the crises as an example of how to do it right as they just opened a second restaurant that seems to also be doing well. Good concept, good service and good food. It does not take magic (or Democrat/Republican) to create a successful business, it takes a good "not just in the mind of the proprietor or their friends who do not want to tell them their idea is not as great as they think" concept, good people, execution, the ability to strategically change direction and a lot of hard work.
Alice Riley November 07, 2012 at 09:01 PM
It would be nice to have mix of small boutique clothing, jewelry, home/gift stores with some eateries.

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