Saks Fifth Avenue Has Opened Its First Store In Kazakhstan


Photo: AP

NEW YORK, Sept 30 (Reuters) – 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.

The Saks store is being licensed by the VILED Group, a local company.

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.

Copyright (2012) Thomson Reuters.

Now go inside Dubai Mall, the biggest mall on the planet >

NOW WATCH: Briefing videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.