Saks Global confirms closure of Neiman Marcus Dallas store
Neiman Marcus in New York Credits: Neiman Marcus Neiman Marcus’ Downtown Dallas store is set to close March 31, Saks Global has confirmed in a press release. The company, which is currently in the process of merging its operations with the newly acquired Neiman Marcus Group (NMG), responded to circulating rumours that suggested otherwise. This comes despite reports that officials for the City of Dallas had rallied to keep the store open, and that a landlord with whom there had been a dispute, Slaughter Partners, had agreed to donate the land. Saks Global confirmed there had been attempts from as early as 2011 to strike up a “commercially reasonable agreement” with Slaughter, which owned a portion of the property. Such discussions, however, had fallen through, resulting in the subsequent termination of Neiman Marcus’ lease upon its expiration. In November 2024, previous NMG leadership had contacted the City of Dallas requesting assistance in lease negotiations, Saks said, after city officials had expressed concern about the store’s continued operation. Discussions about NMG possibly purchasing a portion of the land were also said to have taken place, yet Slaughter would not offer a price. The company further alleged that it had not received any documentation regarding the philanthropic agreement between Slaughter and the City of Dallas and how this would impact the property, its other owners and the store’s operations. Saks noted that Slaughter had “demanded rent well above market rates while knowing that without this particular lease agreement Neiman Marcus would be unable to operate the store”. Saks Global had inherited the lease issue after the company finalised its acquisition of NMG back in December, with its properties and investments CEO, Ian Putnam, stating that the company then “worked in good faith to come to an agreement with the landlord, who chose to terminate our occupancy”. Putnam further acknowledged the efforts of the Dallas Consortium, which was formed to save the flagship store, stating that the company was willing to hear their perspective, “particularly given the slow resurgence of the downtown Dallas area over the last several years”. He concluded: “However, we have to make decisions as a business about what’s best for the future and our long-term success in Dallas and beyond.”
Neiman Marcus’ Downtown Dallas store is set to close March 31, Saks Global has confirmed in a press release. The company, which is currently in the process of merging its operations with the newly acquired Neiman Marcus Group (NMG), responded to circulating rumours that suggested otherwise.
This comes despite reports that officials for the City of Dallas had rallied to keep the store open, and that a landlord with whom there had been a dispute, Slaughter Partners, had agreed to donate the land.
Saks Global confirmed there had been attempts from as early as 2011 to strike up a “commercially reasonable agreement” with Slaughter, which owned a portion of the property. Such discussions, however, had fallen through, resulting in the subsequent termination of Neiman Marcus’ lease upon its expiration.
In November 2024, previous NMG leadership had contacted the City of Dallas requesting assistance in lease negotiations, Saks said, after city officials had expressed concern about the store’s continued operation. Discussions about NMG possibly purchasing a portion of the land were also said to have taken place, yet Slaughter would not offer a price.
The company further alleged that it had not received any documentation regarding the philanthropic agreement between Slaughter and the City of Dallas and how this would impact the property, its other owners and the store’s operations.
Saks noted that Slaughter had “demanded rent well above market rates while knowing that without this particular lease agreement Neiman Marcus would be unable to operate the store”.
Saks Global had inherited the lease issue after the company finalised its acquisition of NMG back in December, with its properties and investments CEO, Ian Putnam, stating that the company then “worked in good faith to come to an agreement with the landlord, who chose to terminate our occupancy”.
Putnam further acknowledged the efforts of the Dallas Consortium, which was formed to save the flagship store, stating that the company was willing to hear their perspective, “particularly given the slow resurgence of the downtown Dallas area over the last several years”. He concluded: “However, we have to make decisions as a business about what’s best for the future and our long-term success in Dallas and beyond.”
