Shopping News

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.”

Big deal

Houston investor acquires Bishop Arts mixed-use portfolio in $170M deal

Photo courtesy of Hines

Michelin-recognized Written by the Seasons is one of several Bishop Arts businesses acquired by a Houston-based investor.

A Houston investor has snapped up a mixed-use portfolio of nine buildings in the Bishop Arts District, the second Bishop Arts property acquisition since August.

Hines Global Income Trust told CultureMap it paid more than $170 million for a mixed-use complex with 539 apartments and 49,000 square feet of high-end shops. The Bishop Arts Portfolio, as Hines refers to the real estate package on its website, sits on almost seven acres.

“Bishop Arts is a special place, shaped by the care and investment of its prior ownership. We see our role as building on that foundation through thoughtful ownership and Hines’ integrated operating platform,” Corbin Eckel, managing director at Hines, told CultureMap.

Hines identified the seller as Dallas-based Exxir Capital. Exxir developed Oak Cliff's 750,000-square-foot, two-block Bishop Main Street area, which features retail, residences, and offices, and includes the properties acquired by Hines.

Tenants of the newly acquired properties include:

Italian restaurant Lucia, a Michelin recommended restaurant.
Michelin-praised Written by the Seasons, which serves a New American menu.
Paradiso, a Southern European-inspired eatery.
Bar Eden Lounge, a swanky cocktail bar.
Village Baking Co., an artisan bakery.

Hines is taking over all leases at the residential properties:

Bishop North, 200 N. Bishop Ave.
Bishop Canopy, 515 W. 10th St.
Bishop Flats, 305 and 431 Melba St.
Treehaus, 211 W. 10th St.
Retail at 308 and 275 N. Bishop Ave.; 404, 332, 336 and 337 Melba St.; and 403 and 321 W. Ninth St. Altogether, the portfolio’s retail component comprises 22 tenants.

The Hines deal comes two months after Dallas-based investor 90Ten purchased 301-321 N. Bishop Ave.301-321 N. Bishop Ave. in Bishop Arts. Tenants include burger diner Hunky’s, Italian pastry and coffee purveyor Palmieri Café, vintage clothing store Dolly on Bishop, gift shop Kawaii Candle Co., and cosmetics retailer Simply Bella.

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