Saks: Neiman Flagship Definitely Closing

Saks Global (New York) reiterated that the Neiman Marcus Downtown Dallas store will close on March 31, “contrary to reports.” Though it did not name any specific sources of such reports on the store possibly remaining open, several have run in recent days in The Dallas Morning News.

(In response to the news release from Saks – whose headline reads, “Saks Global Responds to False Rumors About Neiman Marcus Downtown Dallas Store” – the Morning News ran its own story with the headline, “Neiman Marcus owner doubles down on closing downtown Dallas store.”)

The latest Morning News coverage noted that much of the debate over the store’s future centered around the sale price landlord Slaughter Partners wants for the land that runs underneath the store’s escalator, and that it had not been able to reach that company for comment.

In its release, Saks Global CEO Ian Putnam said, “The claims that the store will remain open are misleading for the Dallas community, our store employees and our brand partners. 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.

Added Marc Metrick, CEO, Saks Global Operating Group, “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. [Editor’s note: that luxury shopping complex is a about seven miles north of the city’s downtown.] 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 is a combination of several luxury retailers, including the recently acquired Neiman Marcus, along with Bergdorf Goodman, Saks Fifth Avenue and Saks OFF 5TH.