Saks Global Closes Neiman Marcus’ Dallas Corporate Headquarters
Cost-Saving Measure
Saks Global has closed the Dallas corporate headquarters of Neiman Marcus, a cost-saving move that has left the landlord, NexPoint, questioning the validity of the lease termination. According to a Saks spokesperson, the review of the site’s usage revealed that employees came in just 11 days a year, on average, making the office redundant.
Background
Neiman Marcus, a luxury retailer, was acquired by Saks Global late last year. The Dallas office, located in Cityplace Tower, was built to accommodate up to 800 employees, although most staff members worked remotely.
Landlord’s Response
NexPoint, the owner of the office building, expressed its intention to engage in conversations with Saks to find a solution that reflects the commitments Neiman Marcus made to the city of Dallas and the landlord when it chose Cityplace as its corporate headquarters.
Saks’ Stance
Saks declined to comment on NexPoint’s statement regarding the lease, but acknowledged the role Neiman Marcus plays in Dallas. In an interview, Saks CEO Marc Metrick emphasized, "It’s not about the office – it’s about the customer, the community."
History of Neiman Marcus in Dallas
Neiman Marcus has a long history in Dallas, dating back to 1907 when it opened its first store in the city. The retailer’s Dallas hub, which features over 300 decorative butterflies hanging from the atrium ceiling, was awarded for its interior design. In 2023, the Dallas City Council authorized a $5.2 million incentive for Neiman Marcus Group to support the retention and expansion of its global headquarters in Dallas.
Future Plans
Saks has announced plans to close Neiman’s New York City office in Bryant Park and consolidate employees to its headquarters. Most of the Dallas-based staff will continue to work remotely, with some working from office space above its flagship store.
Ownership Structure
Saks is majority controlled by HBC, a holding company with retail and real estate investments headquartered in New York and Toronto. HBC also owns Hudson’s Bay Co.
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Conclusion
The closure of Neiman Marcus’ Dallas corporate headquarters is a significant development in the retail landscape. As Saks continues to shape the future of the luxury retailer, it remains to be seen how this move will impact the city of Dallas and the employees affected by the change.
FAQs
- Q: Why did Saks close the Dallas corporate headquarters of Neiman Marcus?
A: The decision was made as a cost-saving measure, following a review of the site’s usage, which revealed that employees came in just 11 days a year, on average. - Q: What is the landlord’s stance on the lease termination?
A: NexPoint, the owner of the office building, is questioning the validity of the lease termination and is looking to engage in conversations with Saks to find a solution that reflects the commitments Neiman Marcus made to the city of Dallas and the landlord. - Q: What is the future of Neiman Marcus in Dallas?
A: Saks has announced plans to close Neiman’s New York City office and consolidate employees to its headquarters, with most of the Dallas-based staff continuing to work remotely.
