Downtown Dallas News

Dallas leaders rally to save downtown Neiman Marcus from closing

Neiman Marcus downtown Dallas

Courtesy of Neiman Marcus

Dallas leaders are rallying to save an iconic downtown institution: luxury retailer Neiman Marcus, whose location at 1618 Main St. is closing on March 31 following a dispute with one of its landlords.

On February 18, Neiman Marcus owner Saks Global revealed that they'd received a notice from a landlord to terminate their occupancy, despite having been a beloved institution in the community for more than a century.

In response, leaders from the city of Dallas met on Tuesday, February 25 at 10 am in front of the store, to stress the importance of Neiman Marcus and why it should not be lost due to a lease dispute.

Attendees included Dallas City Manager Kimberly Tolbert, Downtown Dallas Inc president and CEO Jennifer Scripps, Todd Interests founder and CEO Shawn Todd, and Dallas Economic Development Corporation CEO Linda McMahon, who offered remarks at a conference on the sidewalk in front of the store at 100 S. Ervay St.

"We're aggressively making strides to redevelop the Kay Bailey Hutchson Convention Center which will attract millions of visitors and as the downtown landscape continues to evolve, we know it's important to continue to focus on this flagship store, which is part of the fabric of downtown," Tolbert said. "This store continues to set a standard for excellence in downtown Dallas — it has helped put Dallas on the international map, and we believe it's crucial for Neiman Marcus to remain in this space and serve as a cornerstone and catalyst."

The land on which Neiman Marcus resides has several different owners, but the landlord in question is the Slaughter family, who own a sliver of property under the southwest corner of the building.

The original owner of this property was Christopher Columbus "C.C." Slaughter Jr. who signed a 99-year lease with Herbert Marcus and A.L. Neiman for the property in 1926. (There's been squabbling over the land practically since Day One with a lawsuit over who deserved broker fees filed in 1935.)

The current owners include "Slaughter Partners LP," a Dallas company whose registered agent is Stephen J. Rogers, a member of the Slaughter family and founder of Viceroy Investments, whose slogan is: "We are value-add investors, strategically focused on infill opportunities… Viceroy seeks opportunities where value can be created through development, redevelopment, or re-positioning of a property."

Other Slaughter-related companies involved include CCS Commerce B LLC whose mailing address is a Dallas home owned by Timothy Slaughter Rogers; and Pecan Branch LLC, whose president is William Slaughter Rogers.

According to the DMN, the other landlords in question — the Dallas Foundation and Keating Properties — were both supportive of keeping Neiman Marcus downtown.

Shawn Todd of Todd Interests, which has developed such downtown buildings as The National, bringing restaurants such as the award-winning Monarch to Dallas, said he had conversed with Richard Baker, chairman of Neiman Marcus owner Saks Global.

"The good news is that we're here today for Mr. Baker to help solve a problem," Todd said. "Downtown dallas is riddled with longterm ground leases. Our team once encountered a ground lease with two ladies who are over 90 years old. Several years ago, we encountered one under One Dallas Center — we ended up buying out a ground lease that had dozens of beneficiaries. It can be hard to herd all the cats."

"I don't want to be presumptuous about what's happening under this one city block," he said. "We're thrilled to hear that this landlord has Dallas roots and will care greatly about our city and about what's happening ..l because we all want to keep Neiman Marcus."

ECD CEO Linda McMahon said that a letter was going out to Saks leadership as well as all of the property owners, to convene a meeting in a week.

"I've seen first-hand how Dallas comes together to do whatever is necessary, that's what make Dallas special, and we'll take Saks at their word that they want to remain and we want to help them do that," she said. "No one is here for personal gain — we all want to help clear up this misunderstanding, and do this the Dallas way, all for the betterment of the city. Neiman Marcus is not just a brand, it's a piece of the city's soul. Let's not lose this flagship because of a land lease negotation that's gone sideways."

closings downtown

homebuyer power play

Dallas declared one of the top 10 buyer's markets in the U.S. right now

joe daniel price/Getty Images

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The tide has turned for the Dallas housing market, and buyers now have more power than ever to negotiate on their forever home, a new real estate report has confirmed.

Dallas has now become one of the top 10 strongest buyer's markets in the nation with sellers outnumbering buyers by 107 percent, Redfin's newest market trends report found.

Nationally, sellers outnumbered buyers by 58 percent in August 2026, which Redfin says is the largest gap on record. Out of the 49 most populous metros in the U.S., only five are considered seller's markets, and eight are considered "balanced" markets where the number of buyers and sellers are nearly equal.

That leaves the remaining 36 most populated U.S. metros as buyer's markets, which includes the biggest cities in the Lone Star State. In fact, four Texas cities rank among the 10 strongest buyer's markets in the country right now: Houston (No. 3), San Antonio (No. 6), Austin (No. 7), and Dallas (No. 8).

There were 30,854 sellers on the market in Dallas last month, more than double the amount of buyers (14,865). The market's tilt in favor of house hunters allows more legroom to be picky with the increased supply of available housing, while falling demand indicates less competition with other buyers.

"In most markets, buyers should negotiate on price and ask for concessions like repairs or help with closing costs," said Redfin senior economist Asad Khan. "Buyers shouldn’t assume every seller will budge, especially on a desirable home that’s already priced well, but they don’t need to rush into a deal that doesn’t feel right."

For sellers that want to stand out in a saturated market, Redfin suggests they should price their homes competitively and be prepared to negotiate.

A separate Redfin report found mid-September is the best time for Dallasites to buy a home, but other experts say hesitant shoppers have until early October to take the plunge.

Regardless of the timeline, the report warns that the recent surge of available housing is only beneficial for homebuyers that can afford it.

"High housing costs and widespread economic uncertainty have caused many would-be buyers to back off in recent years, creating the imbalance of buyers and sellers we see today," the report said.

The median price of a home in Dallas came out to $408,561 in August, though 79 percent of all home sales in the city sold for below their original asking price.

The top 10 strongest buyer's markets in the U.S. are:

No. 1 – Nashville, Tennessee
No. 2 – Miami, Florida
No. 3 – Houston, Texas
No. 4 – Orlando, Florida
No. 5 – Las Vegas, Nevada
No. 6 – San Antonio, Texas
No. 7 – Austin, Texas
No. 8 – Dallas, Texas
No. 9 – Atlanta, Georgia
No. 10 – Phoenix, Arizona

"Nashville, Texas, and Florida are home to robust buyer’s markets partly because they have some of the most active homebuilding pipelines in the country, with newly built homes continuing to hit the market even as demand cools," the report said.

real estate housing market dallas real estate report housing