Saks Global Responds to False Rumors About Neiman Marcus Downtown Dallas Store

NEW YORK & DALLAS--(BUSINESS WIRE)--Saks Global today reiterated that the Neiman Marcus Downtown Dallas store will close on March 31, 2025, contrary to reports.

From as early as 2011 and as recently as December 2024, there have been several attempts to come to a commercially reasonable agreement with one of the Downtown store landlords, Slaughter Partners (Slaughter). In November 2024, previous NMG leadership contacted the City of Dallas requesting assistance in the lease negotiations, during which city officials expressed their concern about the store and its continued operation. Prior to this meeting, previous NMG leadership also had a discussion with Slaughter’s broker to purchase its portion of the land, however, Slaughter would not offer a price. Despite these efforts and engaging the city, all attempts to come to a commercially reasonable agreement were rejected by Slaughter who terminated Neiman Marcus’ occupancy upon expiration of the lease.

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. Additionally, the suggestion to make the lease philanthropic versus commercial only became an option after Slaughter’s attempts to increase rent were unsuccessful. In fact, during negotiations the landlord demanded rent well above market rates while knowing that without this particular lease agreement Neiman Marcus would be unable to operate the store.

Ian Putnam, CEO, Saks Global Properties and Investments, 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. 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, 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.”

For impacted team members, transfer opportunities to nearby Neiman Marcus locations have been offered where possible. Those who are eligible have been offered appropriate separation packages.

About Saks Global

Saks Global is a combination of world-class luxury retailers, including Neiman Marcus, Bergdorf Goodman, Saks Fifth Avenue and Saks OFF 5TH, as well as a portfolio of prime U.S. real estate holdings and investments. Saks Global is deeply committed to helping luxury consumers discover the most sought-after established and emerging brands from around the world. Powered by data-driven technology and centered on the customer, Saks Global is on a mission to redefine the luxury shopping experience through highly personalized service, with greater opportunities for product discovery across all channels.