Saks Global confirms Neiman Marcus Downtown Dallas Store closure
Neiman Marcus store in Manhattan Credits: Neiman Marcus Saks Global, which acquired Neiman Marcus in 2024, has confirmed the impending closure of its store in downtown Dallas, Texas. The company has been unable to reach an agreement with the leasing landlord and the city regarding the store's location. In a statement published on February 27, Saks Global reiterated its aim to shut down its Neiman Marcus stores in downtown Dallas on March 31, 2025. The company noted that it had made "several attempts to come to a commercially reasonable agreement with one of the Downtown store landlords, Slaughter Partners (Slaughter)," since 2011 and as late as December 2024, but that Slaughter rejected all agreements. "To date, Saks Global has not received any documentation regarding an agreement between Slaughter Partners and the City of Dallas and how this new agreement would affect the property, its other owners, and the store's ability to operate," stated the company in a press release. Saks Global added that Slaughter only aimed to shift the lease from a commercial one to a philanthropic one after their previous attempts to increase the rent "well above market rent" were unsuccessful. The parent company added that despite its best efforts and engagement with the city of Dallas, Slaughter is ending Neiman Marcus' occupancy of the site upon the expiration of the current lease. The announcement comes after Slaughter reportedly agreed to donate the 2,500 square feet of land under the store to the city of Dallas to help broker a deal following the ongoing dispute. "The claims that the store will remain open are misleading for the Dallas community, our store employees, and our brand partners," said Ian Putnam, CEO of Saks Global Properties and Investments, in a statement. "Saks Global inherited this lease issue from Neiman Marcus' previous owners and worked in good faith to come to an agreement with the landlord, who chose to terminate our occupancy. We acknowledge the position of the Dallas Consortium, particularly given the slow resurgence of the downtown Dallas area over the last several years, and are willing to hear their perspective. 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." Marc Metrick, CEO of Saks Global Operating Group, added: "Dallas continues to be a top market for the Neiman Marcus brand. Based on customer data, we know that the overwhelming majority of our Dallas customer base prefers to shop at our NorthPark store. We look forward to the $100 million renovation of this location, enabling us to offer a new level of luxury fashion and service at one of our premier store locations. We know that the local community shares in our disappointment about losing a piece of Neiman Marcus history, but customers have expressed their excitement about the reimagination of NorthPark." Saks Global added that it has offered transfer opportunities to employees impacted by the store closure where possible in addition to appropriate separation packages to those eligible. The announcement comes just days after news emerged that Saks Global is set to lay off approximately 5 percent of its US corporate workforce following its acquisition of Neiman Marcus.
Saks Global, which acquired Neiman Marcus in 2024, has confirmed the impending closure of its store in downtown Dallas, Texas. The company has been unable to reach an agreement with the leasing landlord and the city regarding the store's location.
In a statement published on February 27, Saks Global reiterated its aim to shut down its Neiman Marcus stores in downtown Dallas on March 31, 2025. The company noted that it had made "several attempts to come to a commercially reasonable agreement with one of the Downtown store landlords, Slaughter Partners (Slaughter)," since 2011 and as late as December 2024, but that Slaughter rejected all agreements.
"To date, Saks Global has not received any documentation regarding an agreement between Slaughter Partners and the City of Dallas and how this new agreement would affect the property, its other owners, and the store's ability to operate," stated the company in a press release. Saks Global added that Slaughter only aimed to shift the lease from a commercial one to a philanthropic one after their previous attempts to increase the rent "well above market rent" were unsuccessful.
The parent company added that despite its best efforts and engagement with the city of Dallas, Slaughter is ending Neiman Marcus' occupancy of the site upon the expiration of the current lease. The announcement comes after Slaughter reportedly agreed to donate the 2,500 square feet of land under the store to the city of Dallas to help broker a deal following the ongoing dispute.
"The claims that the store will remain open are misleading for the Dallas community, our store employees, and our brand partners," said Ian Putnam, CEO of Saks Global Properties and Investments, in a statement. "Saks Global inherited this lease issue from Neiman Marcus' previous owners and worked in good faith to come to an agreement with the landlord, who chose to terminate our occupancy. We acknowledge the position of the Dallas Consortium, particularly given the slow resurgence of the downtown Dallas area over the last several years, and are willing to hear their perspective. 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."
Marc Metrick, CEO of Saks Global Operating Group, added: "Dallas continues to be a top market for the Neiman Marcus brand. Based on customer data, we know that the overwhelming majority of our Dallas customer base prefers to shop at our NorthPark store. We look forward to the $100 million renovation of this location, enabling us to offer a new level of luxury fashion and service at one of our premier store locations. We know that the local community shares in our disappointment about losing a piece of Neiman Marcus history, but customers have expressed their excitement about the reimagination of NorthPark."
Saks Global added that it has offered transfer opportunities to employees impacted by the store closure where possible in addition to appropriate separation packages to those eligible. The announcement comes just days after news emerged that Saks Global is set to lay off approximately 5 percent of its US corporate workforce following its acquisition of Neiman Marcus.
