Neiman Marcus Closes Downtown Store After 100 Years
Neiman Marcus is closing its downtown store, a storied location that has been a part of the Dallas community for over 100 years. The store will shutter effective March 31, according to a statement from Saks Global, the new owner of Neiman Marcus.
Reason for Closure
The closure is not a reflection of business performance and is not tied to the recent acquisition, according to an internal memo sent to employees by Saks Global Operating Group CEO Marc Metrick. The company received a notice from the landlord to terminate the occupancy, "forcing us to close," the statement said.
Attempts to Reach Agreement
Metrick stated in the memo that there have been several attempts to come to a commercially reasonable agreement with the landlord, dating back to 2011 and as recently as December 2024. However, all of these attempts have been rejected by the landlord, who has now terminated the company’s occupancy.
Renovations at NorthPark Center
In addition to the closure, Saks plans to invest $100 million in renovations to the NorthPark Center store, which will enable the company to offer a new level of luxury fashion and service at one of its premier store locations.
Commitment to Dallas
The company is committed to upholding Neiman Marcus’ legacy in Dallas and sees a long-term opportunity to invest in the shopping experience at the NorthPark location. The company is confident that it can serve its loyal Downtown clients at other locations, including NorthPark and online at NeimanMarcus.com.
Impact on Employees
For affected employees, transfer opportunities to nearby Neiman Marcus sites will be offered where possible. Eligible colleagues who qualify will be offered appropriate separation packages, according to Metrick’s memo. The corporate offices above the store are not affected by the closure.
Potential Repayment to Dallas
The move could put Saks Global on the hook to repay Dallas part of a planned $5.25 million grant. The grant was approved in May 2022 in exchange for Neiman Marcus keeping its flagship store downtown and headquartering in the Uptown area. The deal also included requirements related to creating jobs, retaining employees, paying certain wages, and hiring city residents. Neiman Marcus had to remain in compliance with the terms of the deal through December 2031.
Conclusion
Neiman Marcus’ downtown store has long been a premier retail location in the Dallas-Fort Worth area, known for its luxury items and high-touch service. While the store’s closure is a significant change, Saks Global is committed to upholding Neiman Marcus’ legacy in Dallas and investing in the shopping experience at the NorthPark location.
Frequently Asked Questions
Q: Why is Neiman Marcus closing its downtown store?
A: The store is closing due to circumstances beyond the company’s control, including a notice from the landlord to terminate the occupancy.
Q: Is this a reflection of the company’s business performance?
A: No, the closure is not a reflection of the company’s business performance and is not tied to the recent acquisition.
Q: What happens to affected employees?
A: Transfer opportunities to nearby Neiman Marcus sites will be offered where possible, and eligible colleagues who qualify will be offered appropriate separation packages.
Q: What is Saks Global’s commitment to Dallas?
A: Saks Global is committed to upholding Neiman Marcus’ legacy in Dallas and sees a long-term opportunity to invest in the shopping experience at the NorthPark location.
