Neiman Marcus to Close Downtown Dallas Store Amid Dispute with Landlord
The iconic Neiman Marcus department store in downtown Dallas will close its doors on March 31, 2025, following a dispute with its landlord, Slaughter Partners. The luxury retailer has been operating at the location for over a decade, but a series of failed attempts to come to a "commercially reasonable" agreement with the landlord have led to the decision to vacate the site.
A Dispute with Slaughter Partners
According to Saks Global, which owns Neiman Marcus, the company has not received key documents related to an agreement between Slaughter Partners and the City of Dallas, which would have affected the property and its operations. The company claims that Slaughter Partners’ attempts to increase rent were unsuccessful, and the landlord demanded rates well above market value, knowing that Neiman Marcus would be unable to operate the store without the lease agreement.
A History of Failed Attempts
Saks Global has detailed a series of failed attempts to keep the downtown store operating, dating back to 2011. In November of last year, previous Neiman Marcus Group leadership contacted the city requesting assistance in the lease negotiations, and Dallas city officials expressed concern about the store’s continued operation. Despite these efforts, the company claims that Slaughter Partners refused to offer a "commercially reasonable" agreement, ultimately terminating Neiman Marcus’ occupancy upon expiration of the lease.
A New Development
On Wednesday, a local business group announced that it had brokered a deal to keep the iconic department store at its current site on Main Street, a week after Neiman Marcus’ parent company announced its decision to close the store. The group had asked for a meeting with Saks regarding the store’s future.
Renovation Plans
Saks Global is planning a $100 million renovation at the NorthPark Center Neiman Marcus, which will continue to operate. The company claims that the majority of its Dallas customer base prefers to shop at the NorthPark store, and that customers are excited about the reimagination of the location.
Response to Rumors
In a statement, Saks Global said that the decision to close the downtown store was not made lightly, but was necessary due to the failed attempts to come to a commercially reasonable agreement with Slaughter Partners. The company reiterated its commitment to the Dallas market, stating that it will continue to serve its customers at the NorthPark location.
FAQs
Q: Why is Neiman Marcus closing its downtown Dallas store?
A: The company has been unable to come to a "commercially reasonable" agreement with its landlord, Slaughter Partners, leading to the decision to vacate the site.
Q: What is the reason for the dispute with Slaughter Partners?
A: Saks Global claims that Slaughter Partners’ attempts to increase rent were unsuccessful, and the landlord demanded rates well above market value, knowing that Neiman Marcus would be unable to operate the store without the lease agreement.
Q: What are Saks Global’s plans for the future in Dallas?
A: The company is planning a $100 million renovation at the NorthPark Center Neiman Marcus, which will continue to operate. The company is committed to serving its customers in Dallas and will continue to invest in the market.
Q: What is the timeline for the closure of the downtown store?
A: The downtown store is slated to close on March 31, 2025.
