NEWSLETTER
The last number of years has been difficult for retailers.
Inflation has forced consumers to spend their money more consciously. When many prioritize essential elements such as groceries, there is not much space for discretionary purchases.
It is not surprising that several important retailers have declared bankruptcy during the past year. And even those who have escaped from bankruptcy have been forced to advance with store closures.
Related: the national chain of retail stores that officially close dozens of locations
Macy's plans to close 150 low performance stores as part of a wide strategy. Kohl recently closed a few dozen locations after telling investors to anticipate an income offspring by 2025.
In addition to changing inflation and habits, retailers must prepare for tariff impacts this year. If sales decrease widely in the coming months, 2025 could end up being a record year for store closures.
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The Neiman Marcus store was scheduled to close for a different reason
The department stores have not been immune to recent economic events. Both Bloomingdale and Nordstrom have announced closures, to dismay loyal fans.
Neiman Marcus also announced plans at the beginning of this year to close his flagship store in the center of Dallas. That news did not sit well with the clients or officials of the city of Dallas, who have been applying pressure to keep the store open.
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Saks Global, owner of Neiman Marcus, made it clear that the closure was not due to a decrease in income but to a lease dispute with the owner of the property.
City officials tried to intervene and negotiate more favorable lease terms to save the store. However, those efforts were apparently unsuccessful, and Saks' leadership doubled the plans to close the store on March 31.
“Our decision to close the Neiman Marcus store in Dallas downtown is final, and we are advancing as such,” said a Sak spokesman in early March.
Store Neiman Marcus to stay open during the holidays
After a long way and forth, Saks is changing his plans with respect to his flagship store in Dallas. Now, he says that Neiman Marcus will remain open in the downtown Dallas until the end of the 2025 holiday season.
Saks also announced that he plans to reinvent how space could be used in the future. The company intends to work with the city to transform the store into a “modern fashion, art and entertainment destination.”
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“We deeply admire the passion of the city and the unwavering dedication to the historical legacy of Neiman Marcus in Dallas. The potential reimagination of this iconic purchasing destination reinforces the global SAKS commitment to redefine the experience of luxury purchase,” said Marc Metrick, executive director of Saks Global.
The administrator of the city of Dallas, Kimberly, Bizor Tolbert, said the city was delighted to know that Saks had changed his mind when he closed the store.
In addition to rethinking its closure from the center, Saks is moving forward with plans to invest $ 100 million in its close location of Northpark Neiman Marcus. The company plans to use both locations strategically to serve different customers within the Dallas market.
Neiman Marcus opened his flagship store in Dallas in 1907. That location has been a great attraction of the city for more than 100 years.
More retail:
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But while the store could see its fair part of the traffic due to its location, the reality is that it could benefit Neiman Marcus to Pivotar to attract younger consumers.
Older buyers can be attracted to Neiman Marcus due to the nostalgia factor. But as younger consumers are moving away from department stores in favor of buying online, they will take a strategy and innovation from Neiman Marcus to expand their customer base.
Saks should consider this, since it takes measures to transform the store into a retail and luxury fashion destination.
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