Saks Fifth Avenue Will Say Goodbye to Mexico

Saks Fifth Avenue, operated by Grupo Sanborns of Carlos Slim, will close its only store in Mexico located in Santa Fe in October, to be replaced by a Sears store.
The closure comes as the result of the contract signed in 2006 between Slim's company and Saks Fifth Avenue for a 15-year initial term of consulting and brand licensing, with the option for a 10-year renewal.

Saks Fifth Avenue will close its only store in Mexico. Photo: BigStock.

08/16/2022

Saks Fifth Avenue, the luxury fashion retailer, will be closing its only store in Mexico located in Santa Fe in October. The store is operated by Grupo Sanborns, owned by Carlos Slim. Saks Fifth Avenue has assured its employees that they will not lose their jobs as the company plans to open a Sears store in its place.

In 2006, a contract was signed between Slim's company and Saks Fifth Avenue for consultancy services and brand licensing, initially for a duration of 15 years with an option for renewal for an additional 10 years. It is worth noting that the Saks store in Plaza Carso Shopping Center had already been converted into Sanborns Home&Fashion in June 2020.

Read the full article (in Spanish).

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