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Saks Fifth Avenue to Leave Riyadh

Saks Fifth Avenue is leaving Riyadh, Saudi Arabia according to sources. The department store, which opened in November 2011, is currently being shopped to other retailers, with French brand Galeries Lafayette among the stores interested in taking over the 65,000 square foot store owned by HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud. It is located in Saudi’s The Kingdom Centre—the country’s largest fashion retail complex. Though Saks is refusing to comment at this time, sources claim that the ten year agreement for the store expired last year and that negotiations with the retailer have come to a head. Saks Fifth Avenue operates in Dubai and Kazakhstan.

www.saksfifthavenue.com

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