Neiman Marcus flagship store could remain open in Downtown Dallas after lease deal reached; Saks says plans to close have not changed
Neiman Marcus' parent company Saks said despite a land deal worked out between the downtown Dallas building's owner and the city, their plans to close the iconic location have not changed.
"Given our role in the Dallas community, we are working to schedule a meeting with the Dallas Consortium, however, at this time, our plans to close the Downtown Dallas Neiman Marcus remain in place," a Saks Global spokesperson said.
A meeting between Saks representatives and Dallas city officials is set for next week.
Dallas coalition's push to stop Neiman Marcus downtown store's closure
On Wednesday, Downtown Dallas Inc. announced that a parcel of land the historic building stands on will be donated to the city when the department store's ground lease expires on March 31.
"When ground leases expire, there is no dispute," the news release said. "All the ground leases under the Neiman Marcus building were affirmed during the company's bankruptcy. They all have longevity. All except one, the Slaughter lease."
Nearly a century ago, Neiman and Marcus signed a 99-year ground lease on a plot of land in Downtown Dallas owned by C.C. Slaughter, who was a close friend of both families. According to the release, Slaughter never intended to make money off of the lease, which never exceeded $400 per month. It had expired in January but was extended to March 31.
After Dallas leaders held discussions with a representative of the Slaughter family, the family agreed to donate the parcel of land to the city. Dallas will commit the parcel to Neiman Marcus' continuing operation.
The release was signed by City Manager Kimberly Tolbert, Todd Interests chairman Shawn Todd, Downtown Dallas Inc. CEO Jennifer Scripps and Dallas Economic Development Corporation CEO Linda McMahon.
Discussions between Todd and Stephen Rogers, the asset manager for the Slaughter family, led to a meeting with Tolbert, where the Slaughter family confirmed their intention to donate the land to the city, the news release said.
"This kind of vision and cooperation between the real estate community, Downtown stakeholders, and longtime passionate Neiman Marcus customers have been the driving force motivating us for the betterment of our city," Tolbert said. "We are committed to ensuring that the flagship Neiman Marcus store in Downtown is open for many years to come with no barriers related to this land lease."
A representative from Saks Global, which owns Neiman Marcus, will also be in Dallas next week, the news release said.
