Neiman Marcus has decided to close its store in The Shops at Willow Bend, located in Plano, Texas, a suburb of Dallas.
Neiman’s indicated that the property is being sold to the developer, Centennial, for an undisclosed price, and that decision to close the unit was based on Centennial’s plan to reimagine the center. The store, which opened in 2001, will remain in business until January 2027. Currently, Neiman Marcus has 36 stores.
In the Dallas-Fort Worth metroplex, Neiman’s continues to operate inside NorthPark Center, which is about 13 miles south of Willow Bend. It’s said to be a much more productive location. In addition, Neiman’s operates its original flagship in downtown Dallas, which will remain in business at least through the upcoming holiday season. Saks Global, the parent of Neiman Marcus, Saks Fifth Avenue, Bergdorf Goodman and Saks Off 5th, is in talks with the city of Dallas to see if a plan for the site can be worked out to extend the life of that Neiman’s store beyond the end of this year.
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Also in the area, Saks Global operates a Neiman Marcus store in Fort Worth, a Last Call store in Grapevine, and a Saks Off 5th unit in The Shops at Park Lane, which is across the street from NorthPark Center. There are no Saks Fifth Avenue stores in the Dallas area.
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Additional Neiman Marcus and Saks Fifth Avenue stores are expected to close, as Saks Global seeks to cut costs in the aftermath of its purchase of the Neiman Marcus Group in December. But a spokesperson for Saks Global said in a statement Thursday: “Store closures are not a meaningful part of our strategy. Through the regular course of business, we continually evaluate our store footprint and, as in this case, may determine it necessary to reformat or close a store. There are currently no plans to reduce our store portfolio on a broader scale.”
Regarding the Willow Bend store, the spokesperson said: “The sale was a mutual decision that allows the developer to bring its vision for the area to life, building on the retail foundation with the introduction of new residential, dining and entertainment uses. This also provides our company with the opportunity to strategically reinvest in areas of our business that drive growth and position the company for long-term success.
“Dallas-Fort Worth continues to be an important market for the company. We are continuing to work in collaboration with the City of Dallas on a potential reimagination of the Neiman Marcus downtown Dallas store, and are making great progress on the upcoming Neiman Marcus NorthPark transformation.”
Saks Global previously announced that it would be investing significantly to renovate its NorthPark store.
The retailer said it would offering some transfer opportunities to workers who will be affected by the Willow Bend closure and will be offering separation packages to eligible employees. The company did not disclose how many workers there are at Neiman Marcus in Willow Bend.
Mary McGreevy, the chief stores officer for both Saks Fifth Avenue and Neiman Marcus, said in a statement: “The decision to sell the Neiman Marcus Willow Bend property was reached in close partnership with The Shops at Willow Bend developer as part of their long-term vision for the area. We are committed to serving our customers through our nearby stores and our online channels, ensuring they continue to enjoy the exceptional service, curated product assortment and personalized experiences that define our brand.”