Image Courtesy of WFAA
DALLAS — Dallas officials are set to meet with executives from Neiman Marcus’ parent company, Saks Global, on Wednesday to discuss the future of the iconic flagship store in Downtown Dallas, which has been in operation for over 100 years.
This follows a firm decision last week by Saks Global to move forward with plans to close the downtown Neiman Marcus location on March 31, despite a deal brokered by city leaders with Slaughter Partners, one of the landowners beneath the flagship store at 1618 Main St. The deal involves the donation of the land to the City of Dallas, with the aim of keeping the historic store open.
“Given our role in the Dallas community, we are working to schedule a meeting with the Dallas Consortium. However, our plans to close the Downtown Dallas Neiman Marcus remain in place,” Saks Global stated last week.
Dallas City Manager Kimberly Bizor Tolbert announced Monday that the city has acquired the deed to the land under the flagship store, thanks to an agreement with Stephen Rogers, asset manager for the Slaughter family. The agreement ensures the property will be donated to the city, which plans to use it to continue operating the Neiman Marcus flagship.
“I want to thank the Dallas Consortium for their ongoing efforts to support the Downtown Neiman Marcus store. The City of Dallas now holds the special warranty deed for the parcel Saks Global says is necessary to keep the store open,” Tolbert said. “I also want to express gratitude to the Slaughter family for their generous donation and their desire to preserve the prosperity this iconic brand brings to Downtown Dallas. With the deed now in hand, I look forward to meeting with Saks Global CEO Ian Putman and his team on Wednesday at City Hall.”
Jennifer Scripps, CEO of Downtown Dallas Inc., commented that the ground lease issues, which had complicated the store’s future, have been resolved. “We’re excited that Saks Global now sees their acquisition of Neiman Marcus as an opportunity for growth, not contraction. This collaboration will help Neiman Marcus thrive and continue its legacy in Downtown Dallas,” Scripps said.
However, Saks Global reiterated in a press release that Neiman Marcus leadership had been attempting to negotiate a “commercially reasonable agreement” with Slaughter Partners since 2011. According to Saks Global, the lease between Neiman Marcus and Slaughter Partners ended with the expiration of the ground lease, leading to the decision to close the downtown location.
In addition, Saks Global reaffirmed its commitment to a $100 million renovation of the Neiman Marcus store at NorthPark Center. “Based on customer data, we know that the majority of our Dallas customers prefer shopping at NorthPark,” said Marc Metrick, CEO of Saks Global Operating Group. “While we understand the community’s disappointment about losing a piece of Neiman Marcus history, customers have expressed excitement over the revitalization of NorthPark.”
City leaders, including Tolbert, Scripps, Dallas Economic Development Corporation CEO Linda McMahon, and Todd Interests founder Shawn Todd, noted last week that the only ground lease complication was with the Slaughter lease. This lease, originally a 99-year agreement, expired on January 31, 2025, but was extended through March 31, 2025.
Public records show that Neiman Marcus founders Abraham Lincoln “Al” Neiman and Herbert Marcus Sr. signed the original lease for the property with C.C. Slaughter in 1926.
Neiman Marcus was founded in 1907 by Abraham Lincoln “Al” Neiman, his wife Carrie Marcus Neiman, and his brother-in-law Herbert Marcus Sr. Their first store was located at the corner of Elm Street and North Field Street. After the original building burned down in 1914, the company quickly relocated to a new site at Main Street and Ervay Street, where it has remained for over a century.