Saks Fifth Avenue is closing it's store in the Galleria Dallas on June 15 and WWD reports that Belk Inc. will take over the site.
The 170,000-square-foot unit will represent Belk's first flagship store in the Southwest. In July, Belk will start construction to convert the site and open it for business in spring 2014. "Texas has been a very strong market for us, and we see great opportunities for growth in the state," said Belk chairman and chief executive officer Tim Belk. Currently, Belk has 13 smaller format stores in Texas markets and plans additional growth in the region.
The closing of Saks Dallas location is another step in the luxury retailer's ongoing streamlining process. "The planned closing of our Dallas store is consistent with our strategy of employing our resources in our most productive locations," said Steve Sadove, chairman and chief executive officer of Saks. "We regularly assess the productivity, profitability, and potential of each of our store locations and may determine that a closing is appropriate from time to time."