The International Market Place confirmed today that Target will replace its Saks Fifth Avenue store.

A Saks Fifth Avenue spokesperson confirmed earlier today that the company plans to close its Waikiki store, which was an 80,000-square-foot anchor store for the 360,000-square foot market place.

“These decisions are never easy, but they are the right ones for the company,” the Saks spokesperson said. “We are committed to treating every associate with respect and fairness throughout the process; all eligible associates will receive appropriate employment separation packages and transfer opportunities will be explored where feasible.”

An International Market Place spokesperson said “our team sincerely thanks (Saks) General Manager Shelley Cramer and the store team for their outstanding partnership over the past five years.”

The International Market Place spokesperson added, “We are incredibly excited to announce our new anchor tenant – Target – which will open in the next few years. As the store gets closer to opening, we’ll have more specific details to share – including how the shopping experience will be tailored to serve local guests and the grand opening date.”