A LUXURY retailer has revealed a major U-turn on the closure of its iconic flagship store.
Clothing store Neiman Marcus had planned to close the historic Dallas store on Monday.
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The decision to close the store came after a leasing dispute that has been more than ten years in the making.
The store was popular among shoppers and has been welcoming customers for more than 100 years.
But despite desperate shoppers’ pleas to keep the store open, Neiman Marcus’ owner, Saks Global, made the final call to shut its doors.
To the delight of Neiman Marcus patrons, the iconic store will remain open through the 2025 holiday season.
The retailer met with city officials to discuss new ideas to “transform” the store.
And while plans have not yet been finalised there is talk of revamping it into a luxury retail experience, a curated art exhibition, or even a fashion and event centre.
This comes as part of plans for a “resurgence of Downtown Dallas”.
Dallas City Manager, Kimberly Bizor Tolbert, said: “We are excited that Saks Global has decided to keep Neiman Marcus open downtown, as we explore the opportunity to unlock the potential to transform downtown into an international beacon and economic engine for fashion – just as the Neiman Marcus founders intended when they opened the store more than 100 years ago.”
Saks Global first announced the closure on February 18 after receiving a notice from its landlord, Slaughter Partners, to terminate its lease.
The Slaughter family had reportedly signed a 99-year ground lease with Neiman Marcus in 1926 pledging to donate the land the store sits on to the city of Dallas.
Saks Global said it had inherited the lease issue from Neiman Marcus’ previous owners.
It added that it had made several attempts to come to a “reasonable” agreement over the lease but to no avail.
A number of other retail giants have been forced to close stores in recent months.
Macy’s announced that it will be closing down its flagship location in Center City, Philadelphia, which has stood for 20 years.
There are also plans to shut 150 under performing stores, which were announced in February 2024.
Tony Spring, chairman and chief executive officer of Macy’s said at the time: “We are closing underproductive Macy’s stores to allow us to focus our resources in our go–forward stores.”
Macy’s has been struggling with falling sales, much like a lot of other department stores.
