Saks Fifth Avenue Exiting Saudi Arabia
MOVING OUT: Saks Fifth Avenue is exiting its store in Riyadh, Saudi Arabia, according to sources. The licensed unit, which opened in November 2001, is currently being shopped to other retailers, and Galeries Lafayette has confirmed that it is among the stores interested in taking over the space. The 65,000-square-foot store is owned by HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, who owns a small stake in Saks. The Riyadh store is located in The Kingdom Centre, Saudi Arabia’s largest fashion retail complex. A Saks spokeswoman had no comment. However, sources said the 10-year agreement for the store expired last year and negotiations for the retailer to remain recently broke down. Saks operates a store in Dubai and just opened one in Kazakhstan.