Rumor Has It: Neiman Marcus Flagship Might Stay Open; Saks Denies It

UPDATE, 2/27/25, 6:24 p.m.: One day after this article was published, Saks Global released a statement denying the reports that the store would remain open. According to the release, Saks says it has not received any confirmation on the alleged agreement between the Slaughter Partners landlord and the City of Dallas. It also mentions that the leasing dispute on the building has been ongoing since 2011.

"The claims that the store will remain open are misleading for the Dallas community, our store employees and our brand partners," said Saks Global Properties and Investments CEO Ian Putnam. "Saks Global inherited this lease issue from Neiman Marcus’ previous owners and worked in good faith to come to an agreement with the landlord, who chose to terminate our occupancy. We acknowledge the position of the Dallas Consortium, particularly given the slow resurgence of the downtown Dallas area over the last several years, and are willing to hear their perspective. However, we have to make decisions as a business about what’s best for the future and our long-term success in Dallas and beyond.”

Original article below:

Last week, shocking news broke that the historic Neiman Marcus flagship location in downtown Dallas would be closing after 117 years in operation. The company had been acquired by Saks Fifth Avenue just weeks prior for $2.65 billion.

In an internal memo, Saks Global CEO Marc Metrick insisted that the decision to close the flagship store along with the company’s Dallas headquarters was not based on financial performance or the acquisition, but instead a dispute with the building’s landlord.

It seemed unbelievable that a company of that size could be forced out due to a leasing dispute, and even more far-fetched that Neiman Marcus paid rent for 117 years and never bought the building itself.

The Dallas Morning News reported that the landlord for the space is Dallas-based real estate group, Slaughter Partners. The dispute revolved around a small parcel of land located underneath the building.

In the wake of the news, an advocacy group was formed in an effort to save the flagship location, including Jennifer Scripps, president and CEO of Downtown Dallas; Linda McMahon, CEO of Dallas Economic Development Corp.; Shawn Todd, chairman and founder of Todd Interests; and Kimberly Bizor Tolbert, city manager.

According to an official statement released by the group, now known as the Dallas Consortium for the Downtown Neiman Marcus, the lease on that space was never more than $400 per month. This led the consortium to have a series of conversations with Stephen Rogers, the asset manager for the Slaughter family, over 24 hours, eventually reaching an agreement to donate the land to the city of Dallas, thus ending the dispute and enabling the store to remain open.

The consortium will meet with Saks Global next week to make the plans final.

"We look forward to meeting with Saks next week,” the statement reads. “We propose that our meeting can now be a celebration at The Zodiac. The Champagne is on us.”
UPDATE: One day after publishing this article, Saks Global released a statement denying the reports that the store would remain open. According to the release, Saks says it has not received any confirmation on the alleged agreement between the Slaughter Partners landlord and the City of Dallas. It also mentions that the leasing dispute on the building has been ongoing since 2011.

"The claims that the store will remain open are misleading for the Dallas community, our store employees and our brand partners," said Saks Global Properties and Investments CEO Ian Putnam. "Saks Global inherited this lease issue from Neiman Marcus’ previous owners and worked in good faith to come to an agreement with the landlord, who chose to terminate our occupancy. We acknowledge the position of the Dallas Consortium, particularly given the slow resurgence of the downtown Dallas area over the last several years, and are willing to hear their perspective. However, we have to make decisions as a business about what’s best for the future and our long-term success in Dallas and beyond.”