The historic Neiman Marcus retailer in Dallas on Friday acquired a last-minute reprieve from having to shut its doorways for good in a deal aimed to purchase the town extra time to “reimagine” a brand new future for the retailer’s landmark constructing.
Metropolis officers and Neiman Marcus proprietor Saks World introduced on Friday that the division retailer will stay open till the tip of the 12 months — following a weird beef over the lease that the dad or mum firm had claimed was behind its determination to shutter the situation this coming Monday, as The Submit solely reported.
The feud over the lease centered round a sliver of the property — which homes the unique retailer – beneath the down escalator of the nine-story constructing that was managed by one other landlord.
The owner, Slaughter Companions, agreed to “donate” the bottom lease to the town in a deal brokered by a consortium of Dallas enterprise teams earlier this month.
The heated feud included accusations that Saks World lied about its acknowledged cause for closing the beloved division retailer and of unfairly taking a portrait of the shop’s founder, Stanley Marcus, again to its New York Metropolis headquarters.
The about-face comes after a bunch of Saks World executives, together with government chairman Richard Baker, met with Dallas officers on March 24 to hammer out a path ahead..
The historic retail icon is taken into account an anchor of the downtown space, which metropolis officers need to revive.
Phrases of the deal, together with any tax incentives the town could have provided, to maintain the shop open weren’t introduced.
The short-term deal will give metropolis officers and Saks World extra time to debate potential ideas for the area, together with a “luxury retail experience, a curated art exhibition, and a fashion and event center,” in accordance with the assertion.
The proposals additionally embody “an incubator for fashion design and manufacturing in Downtown Dallas.”
“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,” Dallas Metropolis Supervisor Kimberly Bizor Tolbert mentioned in an announcement.
“We look forward to exploring what‘s on the horizon and are committed to continuing our conversations with the Saks Global team.”
The settlement retains staff at Neiman Marcus and its fashionable Zodiac Room restaurant employed by means of the tip of they 12 months, in accordance with a supply with information of the deal.
Retailer staff realized that their jobs had been saved – no less than briefly – Friday morning at a store-wide assembly, sources advised The Submit.
“As we explore opportunities for the Downtown store, along with a planned renovation at the [nearby] NorthPark store, we will evaluate the opportunity to utilize both locations to serve different customer needs in the Dallas market,” Marc Metrick, chief government of Saks World, mentioned in an announcement.
The constructing is owned by Saks World and several other different landlords who personal smaller parts of the bottom lease. Slaughter Companions had terminated Saks World’s lease, sparking the shop closure announcement in February.
Saks World, which acquired Neiman Marcus in a $2.65 billion deal in December, had mentioned it had “not received any documentation regarding an agreement between Slaughter Partners and the City of Dallas, and how this new agreement would affect the property, its other owners and the store’s ability to operate.”
