Photo: Patrick McMullan
Neiman Marcus will close its flagship location in downtown Dallas next month after more than 110 years of operation. The closure, set for March 31, follows the acquisition of the high-end department store by Saks Global, the parent company of Saks Fifth Avenue, for $2.65 billion last year. A spokesperson for Saks Global confirmed the closure, citing a notice to terminate occupancy from the landlord after years of negotiations.
The store's closure marks the end of an era for Neiman Marcus in Dallas, where it has been a significant presence since 1907. The flagship store, located on Main Street, has been a staple of Dallas since it opened in 1914, replacing the original store on Elm Street that burned down in 1913. The building is listed on the National Register of Historic Places.
Despite the closure, Saks Global plans to invest $100 million in renovating the Neiman Marcus store at NorthPark Center, a shopping mall north of University Park.
The decision to close the flagship store comes amid broader financial challenges for Saks Global. The company recently closed Neiman Marcus' Dallas corporate headquarters and its New York City office in Bryant Park as part of cost-saving measures.
Neiman Marcus filed for bankruptcy protection in May 2020, emerging from it in September of the same year.
The company faces competition from other luxury department stores like Nordstrom, which has a larger share of foot traffic and online visits. Forbes reports that Saks' share of store visitors has declined, trailing behind competitors.
Numerous retailers, including Joann Fabrics, Kohl's, and Macy's, are struggling and have announced plans to close stores across the country. A recent report from Coresight Research estimated that the number of stores closing in 2025 will double that of 2024.