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Dallas-based Neiman Marcus gets bought by Saks Fifth Avenue parent company

Neiman Marcus downtown Dallas

Neiman Marcus

A legendary Dallas retailer is changing hands: Neiman Marcus Group, which includes fashion retailers Neiman Marcus and Bergdorf Goodman, has sold to Saks Fifth Avenue parent company HBC to create a luxury retail and real estate company in a $2.65 billion deal.

The new company would be called Saks Global and include Saks Fifth Avenue, Saks OFF 5TH, Neiman Marcus, and Bergdorf Goodman, which will still operate with their current brand names. Amazon is also pitching in on the deal as an investor.

"This announcement is a testament to our team's unwavering commitment to building rewarding customer relationships, driven by our differentiated business model. We believe this is a proactive choice in an evolving retail landscape that will create value for our customers and brand partners,” Geoffroy van Raemdonck, CEO of Neiman Marcus Group, said in a statement.

Saks Global will also include HBC’s U.S. real estate assets and Neiman Marcus Group’s real estate assets, creating a $7 billion portfolio of retail real estate assets in luxury shopping destinations.

Originally opened in 1907 by Herbert Marcus, Sr., Carrie Marcus Neiman and A.L. Neiman, Neiman Marcus was a community custom clothing store with men's and women's clothing options in downtown Dallas before transitioning to the luxury fashion retailer it is today.

Following the merger, Saks Global plans to invest in luxury shopping and the online fulfillment process, incorporate AI into the customer experience, support emerging designers, and offer value and career development opportunities to employees.

Current Saks.com CEO Marc Metrick will become CEO of Saks Global, leading Saks Global’s retail and consumer businesses. Ian Putnam, currently President and CEO of HBC Properties and Investments, will become CEO of Saks Global Properties and Investments, which will manage and enhance the company’s asset portfolio.

“Saks has remained steadfast in our commitment to be at the forefront of luxury fashion, meeting customers not just where they are, but where they are going,” Metrick said in a statement. “We have respect and admiration for NMG and the contributions its teams have made in the company’s evolution. Together, with our ongoing focus on innovation, we are primed to drive growth for our brand partners and create career development opportunities for the incredible talent across Saks Global.”

BUILDING BOOM

Dallas ranks No. 22 among U.S. metros for new-home construction

Photo by Ryan Stephens/ Pexels

San Antonio-New Braunfels leads Texas in new home construction.

As the population of the Dallas-Fort Worth metro area continues to grow, so does the need for housing. One of the primary ways to address this: Build more homes.

The region appears to be on the right track for addressing the booming demand.

A new report from Realtor.com puts the DFW at No. 22 among the top 25 new-construction metros in the U.S.

To develop the list of the top new-construction metros, Realtor.com looked at four factors in each of the 100 largest U.S. metros:

Newly constructed homes as a share of all listings.
New-construction premium. That’s the percentage difference between a median-priced new build and a median-priced existing home.
Climate risk difference. That’s the percentage difference in average flood, fire, air quality, wind, and heat risk between new builds and existing homes.
“Hotness” of the new-construction market, based on Realtor.com pageviews per listing and median time on the market for new builds.

Sun Belt markets dominate rankings
Of the top 25 metros in the Realtor.com report, 20 are in Sun Belt states.

“New construction is one of the most important ways to expand the supply of homes available to buyers, but the opportunity is not evenly distributed across the country,” Joel Berner, senior economist at Realtor.com, said in a release.

“This year’s ranking shows that Southern metros are not only building more homes; they are also creating conditions where buyers can find newly built homes at prices that compete with, and in some cases beat, existing homes,” said Berner.

Dallas joined Texas’ three other major metros in the top 25:

San Antonio-New Braunfels, No. 14
Austin, No. 16
Houston, No. 20

More reasons for homebuyer optimism
The greater Dallas area is home to some of the hottest real estate markets in the country - especially the suburbs of Frisco, McKinney, Allen, and Denton

Dallas also fares well when it comes to new-home prices. In a recent Realtor.com analysis, the DFW metro ranked eighth for the largest share of builders slashing prices on new homes. Austin landed at No. 5 and San Antonio at No. 3 among the 100 largest U.S. metros.

The Realtor.com rankings arrived as Dallas-Fort Worth nears the prime time for homebuyers to score a deal. A recent report from real estate brokerage Redfin found mid-September reigns as the best time for homebuyers to land a deal in North Texas.

Adding to the attractiveness of buying a home in DFW: Personal finance website SmartAsset recently ranked Texas as the 18th best state for under-35 buyers.

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