- The Saks Fifth Avenue store at the Mall at University Town Center is expected to close at the end of May 2026, according to company statements to customers and local reporting.
- The two-story, roughly 80,000-square-foot store, which opened when UTC launched in 2014, has been one of the mall’s primary anchors alongside Macy’s and Dillard’s.
The Saks Fifth Avenue store at the Mall at University Town Center will close at the end of May, marking the end of a high-end department store presence in the Sarasota-Manatee region that has lasted more than 30 years.
The closure comes as part of a sweeping restructuring by Saks Global, the parent company of Saks Fifth Avenue and Neiman Marcus, which filed for Chapter 11 bankruptcy earlier this year.
Across the country, the company is planning to close more than a dozen Saks locations as it attempts to reduce debt and concentrate its operations on fewer, higher-performing stores.
A Changing Retail Era
For many longtime Sarasota residents, Saks represented more than just another department store.
The brand had a strong presence in the region dating back to the 1990s, when a Saks Fifth Avenue location opened at Southgate Mall in Sarasota before the retailer eventually moved to the newer UTC development.
When the Mall at University Town Center opened in 2014, Saks was one of its flagship anchors, helping position the new shopping destination as a high-end retail hub for the Gulf Coast.
Over the years the store became a go-to destination for formalwear, luxury fashion, and event attire—particularly during Sarasota’s busy charity and social season.
Now, that chapter appears to be closing.
Why Saks Is Shrinking
The closure reflects broader trends reshaping retail across the United States.
Saks Global filed for bankruptcy in January 2026 after struggling with heavy debt and changing luxury shopping habits.
Luxury retailers have increasingly shifted toward:
- online shopping
- private client sales
- fewer flagship physical locations
As part of the restructuring plan, Saks is reducing its national footprint significantly while attempting to stabilize relationships with suppliers and brands.
What Happens Next at UTC
For the Mall at University Town Center, the closure will leave a large two-story anchor space vacant.
The Saks building at UTC spans roughly 80,000 square feet, and mall landlord Benderson Development is expected to begin searching for a new tenant for the space.
Retail analysts say replacing anchor tenants has become a common challenge for malls nationwide, but high-traffic centers like UTC often pivot by bringing in:
- experiential retail
- entertainment venues
- large specialty stores
- mixed-use concepts
The UTC district itself has continued to expand with new retail, dining, and residential developments around the mall, meaning the space may not remain empty long.
The End of a Local Retail Era
For longtime Sarasota shoppers, however, the closure represents something more symbolic.
For decades, Saks Fifth Avenue was associated with special occasions—from gala events to holiday shopping traditions.
By early summer, that familiar storefront will be gone.
But the next chapter for the Mall at University Town Center—and Sarasota’s evolving retail landscape—will begin shortly after.
Store Closing Timeline
Closing Date:
The Saks Fifth Avenue store at the Mall at University Town Center is expected to close at the end of May 2026, according to company statements to customers and local reporting.
The two-story, roughly 80,000-square-foot store, which opened when UTC launched in 2014, has been one of the mall’s primary anchors alongside Macy’s and Dillard’s.
Will There Be Closing Sales?
At this point, no specific liquidation sale has been formally announced for the UTC location, but retail experts say stores that close during bankruptcy restructurings often run clearance or final sales in the weeks leading up to closure to reduce inventory.
Saks Global has been closing multiple locations nationwide as part of its Chapter 11 restructuring, which aims to shrink the company’s physical store footprint and focus on higher-performing markets.
If a sale is announced, it will likely appear closer to the final weeks before the May closing date, either through in-store promotions or direct notices to customers.
