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The “Opening summer of 2016” promise for the Saks Fifth Avenue is yet another lie from this real estate company. The construction has been stalled for months.
Given the dismal macro environment for retail, plus the lack of demand for a mall in Manhattan, Saks could have calculated that it is cheaper to let the project stall.
The best hope for Brookfield Place to survive had been the opening of this Saks anchor store. If this does not happen before the 2016 holiday season, look for more store closures.
Has Zegna sold a single $4,000 suit? I’d like to know.