Saks Fifth Avenue is shutting its women's store at Brookfield Place downtown in New York, roughly two years after it opened. But the luxury department store operator will be keeping the men's portion of this location open. The women's shop is set to close Jan. 5. The company said it had been using the store as a "test concept" to learn about how women liked to shop in New York. It said it "determined that [its female customers'] preferred format is a combination of our digital channels and our iconic Fifth Avenue flagship."

The closing of this Saks store comes as the retailer's parent company, Hudson's Bay, has been renovating Saks' flagship shop uptown on Fifth Avenue, giving its beauty department a facelift and adding more wellness options for shoppers. Also next month, Hudson's Bay will shut its flagship Lord & Taylor shop on Fifth Avenue, which is being replaced by co-working operator WeWork.