Saks Fifth Avenue to close Downtown
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The Saks Fifth Avenue store on Smithfield Street
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And then there was one.
Saks Fifth Avenue, the retailer that has catered to upscale tastes for more than 60 years, is closing its Downtown store, leaving Macy's as the lone department store in the city's core.
The decision, confirmed Wednesday by a Saks spokeswoman, deals a big blow to the efforts to revitalize a Downtown commercial corridor that has been on the upswing with a reinvigorated Market Square, the planned construction of the new PNC 40-story office tower and other recent redevelopment.
Saks will join a long list of department stores that have faded from the Downtown retail scene, including Gimbels, Joseph Horne, Lazarus-Macy's and Lord & Taylor. It will be the third department store to close since 2004.
Last month, Macy's announced it was downsizing its Downtown store, consolidating its retail sales on the first six floors of the 12-story building.
"It's just sad for Pittsburgh that we're losing such a great name," said Gary Wilson, a principal in the Langholz Wilson Ellis real estate firm.
Saks did not announce a date for the store closing. Its lease expires Sept. 21. However, some store employees, who were notified of the closing Wednesday, said the end could come as early as spring.
Herky Pollock, the CB Richard Ellis executive vice president who has been spearheading negotiations with Saks over $10 million in store improvements, said the various parties involved, including the city, county, state and landlord Oliver-Smithfield Joint Venture, "are regrouping to see if anything can be done to salvage a deal."
"We are prepared to make one last-ditch effort to keep Saks where they belong, and I am confident that if the capital improvement costs are the issue, we will be able to satisfy their needs," he said.
Mr. Pollock, who represents the landlord, said the parties, through various public and private sources, were prepared to fund the $10 million in improvements that Saks had demanded to upgrade the store's inside space.
But Saks decided it "would not be practical" to accept the offer, which included a lease renewal, spokeswoman Julia Bentley said.
First Published October 6, 2011 12:00 am
