Iconic luxury store to shut down after 100 years in blow to retail industry

Popular luxury clothing store Neiman Marcus announced plans to shutter the doors to it's downtown Dallas location much to the dismay of local city officials.

The news comes as countless retailers lose business to online shopping, which has even negatively impacted the high-end department stores. However, this instance wasn't attributed to poor performance but a supposed leasing dispute, according to Neiman Marcus owner Saks Global. Shortly after the luxury store announced its plan, Dallas city officials pressured Neiman Marcus to remain in the touristy downtown area.

Their efforts didn't work and they seemingly grew annoyed of the city's efforts in thwarting its plan. On Mar. 4, Saks Global put it's foot down saying the plan to shut down the Dallas location was final with room for negotiation. A Saks spokesperson said, "The Dallas Consortium's ongoing tactic of using the press to pressure us into changing our strategy in Dallas is highly unproductive…Our decision to close the Neiman Marcus Downtown Dallas store is final and we are moving forward as such."

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Dallas city officials pressured Neiman Marcus to remain in the touristy downtown area© AP

Neiman Marcus has been a huge part of downtown Dallas for nearly a century after the company signed a 99-year lease on a plot of land in the area, which was owned by C.C Slaughter. The generational lease was up in January but got extended to Mar. 31. Saks claimed to have been negotiating the lease with Slaughter Partners since 2011 to no avail.

Related video: Beloved midtown boutique announces closure after 47 years (KCRA Sacramento)

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In November 2024, Saks asked the city to help broker a lease agreement, but the talks still wound up nowhere. The situation was "far more complicated" than it seemed, according to a spokesperson who confirmed the closure will proceed no matter what.

Other iconic store chains have been forced to close their doors due to major changes over the last few years, like the discounted designer store Macy's.

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The prevalence of online shopping has hurt the retail business© AP

The retail brand announced last year that stark declines in business will force the closures of at least 150 stores by 2026 and Macy's seems to be making good on that promise. The store shut down 50 locations in 2024 and reportedly plans to shutter an additional 66 locations in 2025.

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The stores selected for closure have been branded "underproductive locations." According to a statement issued when the department store chain first announced closures last year, the brand said it would pivoting to what the company called A Bold New Chapter strategy. The initiative aims to narrow the company's focus on investing time and resources in the remaining 350 locations. It also planned to open several new Bloomingdale's locations and Bluemercury stores—Macy's luxury brands.