BREAKING NEWS

Kazakhstan opens its first Saks Fifth Avenue store

By REUTERS

SEPTEMBER 30, 2012 23:28

NEW YORK - Saks Inc opened its first Saks Fifth Avenue store in Kazakhstan on Sunday, as the retailer seeks to tap a growing appetite for luxury in emerging markets.

The tri-level, 91,000-square-foot (8,450-square-meter) store is located in the Esentai Shopping Mall, the first of its kind in Kazakhstan, Saks said in a news release. The mall is part of Esentai Park, a new development in Almaty that includes luxury residential and commercial towers as well as a five-star hotel that is expected to open next year.

Oil- and uranium-producing Kazakhstan is Central Asia's largest economy. Foreign investors have poured more than $150 billion into the country during its two decades of independence from the old Soviet Union.

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