Saks Fifth Avenue to Close Store at Mall at University Town Center in Sarasota
The Saks Fifth Avenue store at the Mall at University Town Center in Sarasota is set to close at the end of May as part of a broader restructuring following the bankruptcy of its parent company, Saks Global. The decision marks the end of the luxury retailer’s presence in the Sarasota-Manatee market after more than three decades.
The closure is part of a nationwide effort by Saks Global to reduce its retail footprint as it undergoes Chapter 11 bankruptcy proceedings. The company announced it will shut down multiple department stores across the country as it evaluates its store network and focuses on higher-performing locations.
The Sarasota store, located at the Mall at University Town Center just outside Lakewood Ranch, opened in 2014 as the first ground-up Saks Fifth Avenue store built by the chain in about a decade. The two-story, 80,000-square-foot location serves as one of the mall’s anchor tenants, positioned near the Apple store and the Cheesecake Factory.
When the mall opened in October 2014, it was celebrated as a major retail development for the region, with Saks joining Macy’s and Dillard’s as anchor department stores.
The Sarasota store’s closing also signals the end of a long history of Saks Fifth Avenue in the area. The retailer previously operated a store at Southgate Mall, beginning in 1996, serving shoppers from across Sarasota and Manatee counties seeking luxury clothing and formal attire for the region’s active charity and social event scene.
With the store scheduled to close by the end of May, the mall’s landlord, Benderson Development, is expected to begin seeking a new tenant to fill the large anchor space left behind.
The shutdown reflects broader shifts in the retail industry, where traditional department stores continue to face pressure from e-commerce and changing consumer shopping habits.
