When luxury retail giant Saks Global filed for Chapter 11 bankruptcy this month, it didn't just make headlines — it lit up alarm bells across the retail industry. The company that once epitomised luxury retail with Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman now reflects the ongoing decline of America's classic department store model.
This is more than an isolated failure. Rather, the news feels like an indicative of a wider decline among major, traditional retailers that have historically supported shopping malls and main streets.
