Saks World is doubling down on its determination to shut the historic Neiman Marcus flagship in downtown Dallas.
Final week, Saks officers stated the choice to shut the flagship was attributable to an incapability to come back to lease phrases with a landlord over a small piece of the property. However on Thursday, Saks gave the impression to be together with the flagship’s enterprise prospects as a consider closing the shop. In its assertion on efforts to resolve the difficulty, Saks cited “the sluggish resurgence of the downtown Dallas space during the last a number of years” and a choice amongst clients to buy the Neiman Marcus retailer in NorthPark Middle, which can be in Dallas.
Ian Putnam, chief government officer of Saks World Properties and Investments, stated within the assertion, “The claims that the shop will stay open are deceptive for the Dallas group, our retailer workers and our model companions. Saks World inherited this lease problem from Neiman Marcus’ earlier homeowners and labored in good religion to come back to an settlement with the owner, who selected to terminate our occupancy. We acknowledge the place of the Dallas Consortium, notably given the sluggish resurgence of the downtown Dallas space during the last a number of years, and are keen to listen to their perspective. Nonetheless, we’ve to make choices as a enterprise about what’s greatest for the long run and our long-term success in Dallas and past.”
A gathering between a consultant from Saks World and the Dallas Consortium, which is a bunch of metropolis leaders and businessmen with the aim of enhancing downtown Dallas, is anticipated subsequent week. It’s not more likely to sway Saks’ determination to shut the shop.
As WWD reported, the consortium claimed Wednesday that it had reached a deal that would preserve the downtown Neiman Marcus flagship open. The deal includes the switch of the property in dispute to town from the owner, thereby ending disagreements between the owner and Neiman Marcus involving the land lease. “Now we have reached an settlement for the land in query to be donated to the Metropolis of Dallas,” the consortium said Wednesday. “This transaction secures the continued operations of the flagship Neiman Marcus retailer in downtown.”
Nonetheless, Saks officers stated that as of Thursday, they didn’t obtain any documentation concerning an settlement between the owner, Slaughter Companions, and the Metropolis of Dallas, and the way this new settlement would have an effect on the property, its different homeowners and the shop’s potential to function.
Marc Metrick, CEO, Saks World Working Group, in Thursday’s assertion stated, “Dallas continues to be a high marketplace for the Neiman Marcus model. Based mostly on buyer knowledge, we all know that the overwhelming majority of our Dallas buyer base prefers to buy at our NorthPark retailer. We sit up for the $100 million renovation of this location, enabling us to supply a brand new degree of luxurious trend and repair at certainly one of our premier retailer places. We all know that the area people shares in our disappointment about shedding a chunk of Neiman Marcus historical past, however clients have expressed their pleasure in regards to the re-imagination of NorthPark.”
Saks stated it’s providing switch alternatives to close by Neiman Marcus places to associates affected by the downtown Dallas closing, which can occur on March 31. Those that are eligible have been supplied applicable separation packages.
Saks acquired the Neiman Marcus Group final December.