Neiman Marcus Closing Downtown Dallas Store

Neiman Marcus is closing its downtown Dallas store after more than 100 years, reports The Dallas Morning News. The famed site on Main Street will shutter effective March 31, according to a statement from Saks Global, which acquired Neiman Marcus late last year.

Despite yearslong negotiations, Saks said it received a notice from a landlord to terminate the occupancy, “forcing us to close,” the Saks statement said. The shuttering is not a reflection of business performance and is not tied to the recent acquisition, according to an internal memo sent to employees by Saks Global Operating Group CEO Marc Metrick acquired by the Morning News.

In addition, Saks plans to invest $100 million in renovations to its NorthPark Center store on the city’s north side, the company said. That will enable it “to offer a new level of luxury fashion and service at one of our premier store locations,” it said.

In a move that is related to its merger with Saks, Neiman Marcus is seeking to exit its Dallas headquarters and a secondary hub in New York, report a variety of sources, including CoStar.

Neiman Marcus sent its landlord a notice to terminate its office lease for the three floors it occupies within the Cityplace Tower in Dallas, and also disclosed plans to shutter its New York hub at 5 Bryant Park.

In “conducting a review of site usage and lease agreements,” Saks Global executives said they’ve made “the strategic decision to consolidate corporate office space” at its Brookfield offices in New York.

In its coverage of that news, Bloomberg noted that the Dallas office was built to accommodate up to 800 employees, but that most staffers based there primarily worked remotely and will continue to so. An employment number for Neiman’s Bryant Park locale was not immediately available.