Dallas City Official to Meet with Saks Global as Neiman Marcus Closure Nears
A Dallas city official is set to get time with Saks Global as the date for the closure of the downtown Neiman Marcus nears.
Dallas city manager Kimberly Bizor Tolbert is slated to have a conversation with the department store, according to a statement by Saks Global.
“We’ve always been open to speaking with the city manager of Dallas, and we look forward to doing so next week,” the company said in an email. “Our plans for the Dallas downtown store have not changed.”
Background on the Meeting
Last week, Tolbert signed a letter addressed to Richard Baker, executive chairman of Saks Global, that requested a meeting in the next 10 days, according to a copy of the document obtained by The Dallas Morning News. It also included others on a downtown consortium seeking to preserve the store.
The letter stated that the meeting would be an opportunity to discuss a proposal that would be beneficial to Saks Global, Neiman Marcus, and the city of Dallas. “At our in-person meeting with you, we will be prepared to discuss an opportunity that you will find 1) financially beneficial to your company, 2) beneficial to the Neiman Marcus brand equity and the continued support, loyalty and goodwill with your Texas clientele, and 3) creative and doable,” the letter said.
History of the Downtown Neiman Marcus Store
The downtown Neiman Marcus store has been a fixture in the city’s core for over a century. However, the site is set to close at the end of this month after a dispute between the company and a landlord, a challenge that the consortium worked to address.
Despite efforts to save the store, Saks Global has said repeatedly that it plans to close the store. “Our decision to close the Neiman Marcus Downtown Dallas store is final and we are moving forward as such,” Saks Global said in a statement about two weeks ago.
Saks Global’s Plans for Neiman Marcus
Saks Global acquired the Neiman Marcus Group for roughly $2.7 billion last year. While it has since said it planned to close the store in downtown Dallas, it also has promised to invest about $100 million in the nearby NorthPark Center store.
The recent letter from the city manager and the downtown consortium said that while Saks Global had said it planned to close the store, “we believe that by keeping it open a few months longer, you will have time to capture the opportunity we wish to discuss.”
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Conclusion
The meeting between the city manager and Saks Global is a last-ditch effort to save the downtown Neiman Marcus store. While Saks Global has said it plans to close the store, the city and the downtown consortium are hoping to come up with a proposal that will change their minds.
Frequently Asked Questions
Q: What is happening to the downtown Neiman Marcus store?
A: The downtown Neiman Marcus store is set to close at the end of this month due to a dispute between the company and a landlord.
Q: Why is Saks Global closing the store?
A: Saks Global has said that its decision to close the store is final, despite efforts by the city and the downtown consortium to save it.
Q: What is the city manager proposing to Saks Global?
A: The city manager is proposing a plan that would be financially beneficial to Saks Global, beneficial to the Neiman Marcus brand, and creative and doable.
Q: What other retail news is happening in the area?
A: Other retail news in the area includes the sale of Poppi to PepsiCo for $2 billion and the bankruptcy of Forever 21, which is closing all of its U.S. stores.
