Saks confirms flagship Neiman Marcus store in Dallas will close soon

In the United States, Saks Global Properties and Investments reaffirmed plans to close its iconic Neiman Marcus flagship store in downtown Dallas on March 31, despite reports indicating otherwise. The CEO of Saks Global Properties and Investments, Ian Putnam, labeled claims of the store remaining open as misleading. The closure is the result of lease negotiations with the landlord, Slaughter Partners, which have been ongoing since 2011 without success. The attempts made by Neiman Marcus to negotiate a new lease or purchase the property were also thwarted, leading to the landlord's decision to terminate their occupancy when the lease expired. Putnam explained that the lease complications stemmed from issues inherited from the previous owners of Neiman Marcus. There were multiple attempts to come to a fair agreement with Slaughter Partners; as recently as December 2024, NMG leadership sought the assistance of the City of Dallas to mediate the situation. However, these negotiations failed, leaving the company with no viable options to keep the store operational in its current location. Saks Global stated they have not received any new agreements concerning the property or its operations between Slaughter Partners and the City of Dallas, further complicating the closure process. The idea of shifting the lease to be philanthropic instead of commercial only emerged after failed rent increases from Slaughter Partners. Saks Global argued that the demands for rent exceeded market rates and placed undue hardship on Neiman Marcus's ability to sustain operations in the store. Ultimately, these failed negotiations led to the loss of a historic site as the downtown Dallas area looks to revitalize itself amidst economic challenges. Marc Metrick, CEO of Saks Global Operating Group, highlighted the significance of the NorthPark store in Dallas, mentioning a planned $100 million renovation to enhance the shopping experience further. The customer data clearly indicates that many Dallas shoppers prefer NorthPark over downtown, which has remained a point of disappointment for the community, especially in terms of losing a uniquely significant piece of Neiman Marcus's heritage as it was a symbol of luxury retail in the area. Residents have expressed mixed feelings regarding the closure; while they acknowledge the reimagination of the NorthPark location, they mourn the cultural impact of the flagship store.