The 49,000 square-foot store opened in 2000 in downtown Highland Park. Though no reason has been reported yet for the store's closing, it follows a trend of Saks closures over the past decade. The Saks location at Skokie's Westfield Old Orchard mall closed in 2005, according to Crain's, which also points out that after the Highland Park store closes, the only remaining full-line Saks store in the Chicago area is its flagship location on Michigan Avenue.
Shortly after the news was announced, the asset manager for Renaissance Place issued a press release outlining its plan to deal with the loss of its anchor store.
“We have enjoyed our relationship with Saks," said Metzler Real Estate CEO Don Wise. "Looking forward, we are committed to continue providing the best possible customer experience for the Highland Park community."
Though few details have been revealed about what's next for Renaissance Place, the release indicates that the real estate company may be considering placing a mix of independently owned boutiques as well as larger national chains in the Saks space. .
"We expect some exciting announcements in the coming months," Wise said.
The company is working with the city of Highland Park to find retailers.
"We are pleased to be proactively working with Metzler to identify retailers that will further enhance our dynamic downtown business district,” said .
This is a developing story. Keep checking back for more details.