What: Saks Fifth Avenue has announced the cancellation of its annual holiday light show at its flagship store in New York City, a tradition that has attracted thousands of tourists and shoppers since 2004.

Why it is important: This decision reflects the challenging economic conditions facing the luxury retail sector, as Saks Fifth Avenue opts to cut costs and focus on other holiday celebrations, potentially impacting the store's appeal and traditional holiday festivities.

Saks Fifth Avenue has confirmed that it will not host its annual holiday light show this year, a move that appears to be part of cost-cutting measures. The light show, which began in 2004, had become a staple of the holiday season in New York City, drawing large crowds to the store's flagship location on Fifth Avenue. Instead, Saks plans to celebrate the 100th anniversary of its flagship store by elegantly illuminating the facade and highlighting its holiday windows. The decision has been met with disappointment from fans and regular attendees, who have expressed their sentiments on social media. The light show had evolved over the years, featuring increasingly sophisticated displays, including collaborations with notable brands and celebrities. Despite the economic challenges, many have questioned the timing of the cancellation, especially given the significance of the store's centenary year.

Saks Fifth Avenue cancels beloved holiday light show due to costs