Saks Global issued a statement on February 27 in response to what it called "false rumors" about the closure of the downtown Dallas Neiman Marcus. The company reiterated that the Neiman Marcus Downtown Dallas store will definitely close on March 31, 2025, contrary to reports.
The clarification comes after a series of back-and-forths between the company and city of Dallas officials, beginning on February 18 when Saks Global announced its intent to close the store, which had been in operation downtown since 1914, following a lease dispute with one of the landlords, Slaughter Partners.
Leaders from the city of Dallas rallied to keep the store open, and subsequently stated that the landlord in question had agreed to donate the land.
Saks' statement emphasized that, from as early as 2011 and as recently as December 2024, there were several attempts to come to an agreement with Slaughter.
The statement also recounted that 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.
Saks says that during negotiations, Slaughter "demanded rent well above market rates," knowing that without this particular lease agreement, Neiman Marcus would be unable to operate the store; and that no philanthropic gestures were made.
Despite these efforts and engaging the city, Saks' attempts to forge a commercially reasonable agreement were rejected by Slaughter who terminated Neiman Marcus’ occupancy upon expiration of the lease.
According to the statment, Saks Global has not received any documentation regarding the philanthropic agreement between Slaughter Partners and the city of Dallas, nor how a new agreement would affect the property, its other owners, and the store’s ability to operate.
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.”
Saks Global Operating Group CEO Marc Metrick said that “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.
