Retail Shakeup: Saks Fifth Avenue Exits American Dream Mall as Part of National Strategy
the staff of the Ridgewood blog
East Rutherford NJ, The luxury retail landscape in New Jersey is seeing a major shift as Saks Global announces the closure of its prominent Saks Fifth Avenue store at the American Dream mall in East Rutherford.
The announcement, made on February 10, comes as the retail giant navigates bankruptcy proceedings and a massive $2 billion debt load following its acquisition of rival Neiman Marcus.
video by Christopher Cronin
What Happened?
Saks Global is “refining its store footprint” to prioritize high-growth, profitable locations. The American Dream closure is one of eight Saks Fifth Avenue locations shutting down nationwide.
Key factors cited in court filings for the financial struggle include:
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Inflationary Pressures: Rising costs affecting both the business and consumer spending.
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Declining Foot Traffic: A decrease in shoppers at brick-and-mortar luxury locations.
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Market Uncertainty: Tariff-related concerns impacting potential lending and financial stability.
The Impact on New Jersey Shoppers
The two-story luxury anchor, which was one of the mall’s original department store signings in 2015, is expected to remain open until the end of April.
Important Gift Card Information: If you have a Saks gift card, take note:
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New gift cards are no longer available for purchase at the American Dream location.
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Existing gift cards will be accepted at closing locations for only 15 days after the official closing sale begins.
Saks OFF 5TH Also Faces Closures
The luxury exit doesn’t stop at the flagship brand. Saks has already closed three Saks OFF 5TH discount locations in New Jersey as of late January and early February:
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Bridgewater (Chimney Rock)
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Shrewsbury (Shrewsbury Plaza)
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Elizabeth (The Mills at Jersey Gardens)
These closures resulted in the loss of 69 jobs within the state. However, experts like James Hughes from Rutgers University suggest these “affluent market areas” have high potential for being repurposed by expanding brands in categories like sporting goods or off-price fashion.
What’s Next for American Dream?
While Saks Fifth Avenue is departing, the mall’s high-end wing remains home to ultra-luxury brands like Gucci, Hermès, and Balenciaga. For now, Saks Global maintains that ecommerce and other non-closing locations for Saks, Neiman Marcus, and Bergdorf Goodman will continue normal operations.
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