Dallas officials are mounting a last-ditch effort to stop the clock on Neiman Marcus’ closure of its downtown flagship store at 1618 Main Street.
City Manager Kimberly Bizor Tolbert and the Dallas Consortium, a coalition of city and business leaders, requested a meeting with executives from the brand’s parent company, Saks Global, within the next week to pitch their plan, The Dallas Morning News reported.
The letter, addressed to Saks Executive Chairman Richard Baker, said the city has crafted a “financially beneficial” offer that would support both Neiman Marcus’ brand and its ties with Texas clientele.
Saks, which acquired Neiman Marcus last year for $2.7 billion, previously announced the store’s closure by March 31, citing a dispute with landlord Slaughter Partners as a barrier to remaining open. But earlier this month, Dallas officials resolved that problem by securing the deed for the disputed portion of the property.
The company, however, has held firm, stating the decision to close is “final” and that the situation is “far more complicated than what the public is being led to believe.” Saks has also said its attempts to meet with city officials have been rejected.
It remains uncertain whether the city’s proposed deal is enough to prompt reconsideration, or even a temporary extension of operations. Tolbert’s letter asked for a response to “the collective group,” and said Neiman Marcus would have time to “capture the opportunity we wish to discuss” if the company keeps the store open for a few months longer.
Along with the store, Neiman Marcus also plans to vacate its 82,000-square-foot headquarters in NexPoint’s 42-story Cityplace Tower at 2711 North Haskell Avenue.
The looming closure threatens to leave a major gap in the city’s downtown retail landscape and in the historic character of Dallas. Neiman Marcus has operated its flagship store for more than a century, serving as an anchor for the district’s identity and economic activity.
The consortium is holding out hope of avoiding the significant loss to the city’s downtown core, while Saks is investing $100 million into its Neiman Marcus store at NorthPark Center.
— Judah Duke
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