Just in the nick of time, Saks Global has announced a detente in the dramatic saga of the historic Neiman Marcus in downtown Dallas. Saks — which finalized its acquisition of Neiman Marcus Group in December 2024 — had announced in February 2025 that the store would close on March 31 following an ongoing lease dispute.
The intervening month between the announcement and the proposed closure date of March 31 has been filled with passionate appeals for the retail landmark; sharp criticisms from both the city of Dallas and Saks about the reasons leading to the closure; and the chances of a last minute reprieve. The store has been an integral part of the Dallas retail scene since 1907, but the current 99-year ground lease with Neiman Marcus, signed in 1926, stipulated that the land the store sits on would be donated to the city of Dallas once the term ended in 2025, according to Forbes.
Dallas city officials announced earlier this month that the local government had secured the deed for the property, but Saks remained insistent that keeping the store in place wasn’t a possibility. As a result, city officials resigned themselves to letting the situation “play out.”
New Plans Include Reimagination of Historic Store as ‘International Beacon’ of Fashion
Now, Saks says that it will keep the store open through the 2025 holiday season and work with the City of Dallas to “evaluate alternative plans for the historic location.” Among the plans being considered are a luxury retail experience, a curated art exhibition and a fashion and event center, according to a press release from Saks. The proposals for the new space also include an incubator for fashion design and manufacturing in downtown Dallas.
“We deeply admire the city’s passion and unwavering dedication to Neiman Marcus’ storied legacy in Dallas,” said Marc Metrick, CEO of Saks Global. “The potential reimagination of this iconic shopping destination reinforces Saks Global’s commitment to redefining the luxury shopping experience. As we explore opportunities for the Downtown store, along with the planned renovation at the NorthPark store [also in the Dallas area], we will evaluate the opportunity to utilize both locations to serve different customer needs in the Dallas market.”
“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,” said Dallas City Manager Kimberly Bizor Tolbert in a statement. “We look forward to exploring what’s on the horizon and are committed to continuing our conversations with the Saks Global team.”
The Dallas news comes as Saks Global parent company Hudson’s Bay Company (HBC) — North America’s oldest retailer — moves through the bankruptcy process in Canada. The bankruptcy does not impact the U.S.-based Saks Global, which was spun off from HBC into a separate holding company in 2024 as part of the Nieman Marcus acquisition.