Iconic department store to shut flagship location after 11 years due to ‘circumstances beyond control’

An iconic luxury store’s flagship location is shutting down after a 111 year run. 

Neiman Marcus’ downtown Dallas location is shutting down by the end of March, a company spokesperson confirmed. The store opened in 1914. 

Company personnel said they wanted to keep the store open. It’s only closing because of a maintenance issue and a frayed relationship. 

Nieman Marcus merged with Saks Fifth Avenue in December after the two luxury stores came to a $2.6 billion agreement. 

Saks Global, the parent company in the deal, soured on its relationship with the Dallas store’s landlords, according to The New York Post. 

A broken elevator in the middle of the store angered the luxury department store. They ultimately decided to shutter the location because they couldn’t get it fixed. 

‘Without access to this, we are unable to provide the level of service that our customers know and love about Neiman Marcus,’ a source told The Post. 

Sources inside the company claimed the store closure had nothing to do with the recent merger agreement.  

The store was the second Neiman Marcus location in Dallas. The chain’s original location, built in 1907, burned down in 1913. 

Marc Metrick, the CEO of Saks Global, said he was ‘disappointed to be losing a piece of our history due to circumstances beyond our control.’

Neiman Marcus is offering relocation options for employees at the closing store. 

The brand is investing $100 million as it renovates its nearby NorthPark mall location. 

‘Dallas is an important market for us, and we remain highly committed to upholding Neiman Marcus’ legacy there,’ the company said in a statement. 

‘We see a long-term opportunity to invest in our Dallas shopping experience, and look forward to serving customers at our other locations.’ 

He added that the company will maintain corporate operations in the office space above the soon-to-shutter store.

However, top brass believe that it will shutter a ‘handful’ of the luxury chain’s remaining 36 stores. 

Luxury retailers have struggled with shrinking sales as customers struggle with inflationary pressures 

Neiman Marcus and Saks Fifth Avenue merged after the luxury department store market hit turmoil

Saks Global CEO, Marc Metrick, said he was disappointed about the closure of the downtown Dallas location  

However, top brass believe that it will shutter a ‘handful’ of the luxury chain’s remaining 36 stores. 

Neiman Marcus filed for bankruptcy protections in 2020 during the early pandemic lockdowns with plans to shed $4 billion in debt.

The company exited bankruptcy by the end of the year. But luxury retail sales have dwindled as customers spent fewer discretionary funds at retail department stores. 

Multiple chains have shuttered locations because of the dwindling sales numbers. 

A long-time competitor of Neiman Marcus and Saks, Lord & Taylor, filed for bankruptcy and shuttered all of its stores in 2021. 

The brand only lives on as an ecommerce retailer.  

Macy’s also announced it would shutter 150 stores by 2026.