Luxury retail has been in a tough spot for a while now. Even the biggest names that once felt untouchable are being forced to rethink how they do business as shopping habits continue to shift.

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The luxury reset nobody expected

For years, department stores were the backbone of high-end shopping. You went to look around and try things on. Then online shopping took over, malls began to thin out, and those massive stores began to suffer.

Luxury brands managed to hang on longer than most. Shoppers continued to splurge on designer labels, and post-pandemic spending gave the industry a temporary boost. But that faded fast. Younger shoppers are prioritizing experiences over stuff.

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When off-price stops making sense

To keep up, many high-end retailers leaned into "off-price" concepts. The idea was simple. Sell last season’s items at a discount, attract bargain hunters, and keep the brand alive. For a while, it worked. Then costs rose, foot traffic dipped, and operating dozens of extra locations no longer made financial sense.

Behind the scenes, debt became a significant issue as well. Companies were spending more energy managing loans than serving customers. At that point, something had to give.

A strategic pullback

Now, one of the biggest players in luxury retail is hitting the reset button in a very real way. After entering Chapter 11 bankruptcy earlier this month, Saks Global says it's restructuring to focus on what it believes still works. Full price luxury stores.

As part of that shift, the company is scaling back its "off-price" footprint. For Saks, that's their Saks OFF 5TH stores. Executives tell NBC News that trimming these operations will allow them to focus on premium brands and fewer but stronger locations.

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The closures at the center of it all

Here is where it gets real for shoppers. In the coming weeks, 57 Saks OFF 5TH stores will permanently close. Additionally, all five remaining Neiman Marcus Last Call locations are closing. Some stores are closing immediately, while others are running final sales before closing permanently.

Only one Saks OFF 5TH location will remain open: Bergen Towne Center.

These Saks OFF 5TH NJ locations will be closing within weeks.

Bridgewater

Shrewsbury

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