Neiman Marcus’ decision to close its century-old flagship store in downtown Dallas is not so final after all.
The store’s parent, Hudson Bay Company subsidiary Saks Global, has decided to keep the store open through the end of this year, and is considering “a reimagination of the location in collaboration with the City of Dallas” after that, the Dallas Morning News reported.
City Manager Kimberly Bizor Tolbert met with Saks Global CEO Marc Metrick this week to pitch a “financially beneficial” plan for Neiman Marcus to stay in the store, at 1618 Main Street, which opened in 1907 and is part of the city’s identity as a major retail destination. City Council member Paul Ridley, whose district includes downtown, has said the city is open to using economic development funds on the store.
But how much of Dallas taxpayers’ money Tolbert offered Saks to keep its declining store open wasn’t reported.
It seems to have been plenty, because a couple of weeks after making the “final” decision, the Saks CEO said this: “We deeply admire the city’s passion and unwavering dedication to Neiman Marcus’ storied legacy in Dallas. The potential reimagination of this iconic shopping destination reinforces Saks Global’s commitment to redefining the luxury shopping experience.”
This reimagination could mean “a luxury retail experience, a curated art exhibition and a fashion and event center,” or an incubator for fashion design and manufacturing, the outlet said.
Shoppers since last Christmas have noticed the store’s dwindling merchandise and bare-bones staff of employees on the sales floors. It was a far cry from the bustling days when Neiman Marcus had its offices in the building, and executives could walk down to the store and experience the merchandise first hand.
City leaders apparently didn’t wake up to what was happening with the store until after Saks Global said it was exiting its massive lease at City Place and planned to close the downtown flagship on March 31. Saks first used the excuse of an expiring land lease, but after city leaders cleared that up, it said the decision to close the store was “final” anyway.
Neiman Marcus is exiting 82,000 square feet of office space at 2711 North Haskell Avenue. But Saks Global is meanwhile investing $100 million in the Neiman Marcus store at the thriving NorthPark Center.
Here’s what else happened in Texas real estate news this week.
President Donald Trump’s administration released a second list of just eight federal buildings they want to sell off nationwide on an “accelerated” basis. It’s not clear whether an earlier list of over 400 buildings, which was posted and then removed from the U.S. General Services Administration’s website, is still part of the administration’s downsizing plan. One of the two Texas buildings listed for accelerated sale is the 163,000-square-foot building at 727 East César E. Chávez Boulevard in San Antonio, which is in the path of where city leaders are considering building a new arena for the Spurs. The other is the 75,000-square-foot LaBranch Federal Building at 2320 LaBranch Street in Houston. None of Dallas’ federal buildings made the short list.
In other Trump administration news, Houston-based real estate investor Tilman Fertitta said he would resign from his business empire, which includes Wynn Resorts if he is confirmed as ambassador to Italy and San Marino.
Texas Attorney General Ken Paxton is investigating a Dallas-area master-planned community being developed by an entity tied to the East Plano Islamic Center, citing state consumer protection laws as a basis for unspecified reasons for the probe.
An European spa resort with an eye-popping $800 million price tag is coming for a sleepy corner of central Dallas. Meanwhile, the $325 million Harold Simmons park inside the Trinity River levees could finally be moving forward and is expected to result in $1 billion of related real estate investment.
—Rachel Stone
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