Dallas, TX
Neiman Marcus owner reaches last-minute deal to keep landmark Dallas store open
The Neiman Marcus store in Dallas on Friday got a last-minute reprieve from having to close its doors for good in a deal aimed to buy the city more time to “reimagine” a new future for the retailer’s landmark building.
City officials and the retailer’s owner, Saks Global, announced on Friday that the department store will remain open until the end of the year — instead of closing on Monday.
The agreement caps off more than a month of testy public statements by both sides over a bizarre lease dispute concerning a sliver of the building — which houses the original store– under the down escalator of the nine-story building.
Barbs were exchanged for weeks and even press conferences were held outside the store by the Dallas Consortium, a group tasked with keeping the store open, which accused Saks Global of lying about its stated reason for closing the beloved department store and of unfairly taking a portrait of the store’s founder, Stanley Marcus, to NYC.
Terms of the deal, including any tax incentives the city may have offered, were not announced. But the idea is to “reimagine” the store and put the space to other uses.
The talks come as city officials are looking to revive the downtown area, of which the historic retail icon is considered an anchor.
Store employees learned that their jobs were saved – at least temporarily – this morning at a store-wide meeting, The Post has learned.
The about-face comes after a group of Saks Global executives, including executive chairman, Richard Baker, met with Dallas officials in the city on March 24 to discuss a contentious lease that was the stated reason for the store closing.
The agreement buys Neiman Marcus and its popular Zodiac Room restaurant more time, but it’s unclear what will happen at the end of the year when the store is expected to close, according to a source with knowledge of the deal.
Between now and then, city officials and Saks Global will discuss potential concepts for the space, including a “luxury retail experience, a curated art exhibition, and a fashion and event center,” according to the statement. The proposals also include “an incubator for fashion design and manufacturing in Downtown Dallas.”
“As we explore opportunities for the Downtown store, along with a planned renovation at the [nearby] NorthPark store, we will evaluate the opportunity to utilize both locations to serve different customer needs in the Dallas market,” Marc Metrick, chief executive of Saks Global said in a statement.
The building is owned by Saks Global and several other landlords who own smaller portions of the ground lease. One of those landlords, Slaughter Partners, owns a 2,500-square of land under the escalator.
That landlord had terminated Saks Global’s lease, sparking the store closure announcement in February.
But Slaughter reportedly donated its portion of the building last month to the city of Dallas to keep the store open.
At the time Saks Global, which acquired Neiman Marcus in a $2.65 billion deal in December contended that it had “not received any documentation regarding an agreement between Slaughter Partners and the City of Dallas, and how this new agreement would affect the property, its other owners and the store’s ability to operate.”
“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,” Dallas City Manager Kimberly Bizor Tolbert said 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.”
Dallas, TX
Dallas weather: Severe storms bring hail and tornado threats | See timing
DALLAS – Severe thunderstorms are forecast to return to North Texas late Tuesday, bringing threats of damaging hail, high winds and localized flooding. While the primary concerns are wind and hail, a few tornadoes cannot be ruled out.
Tuesday Forecast
Dallas weather: Mar. 10 morning forecast
We have another chance of severe storms starting Tuesday afternoon. Meteorologist Ali Turiano has your forecast and everything you need to know ahead of the storms.
Scattered showers and storms are expected to develop as a dryline to the west moves into the region. Storm conditions are expected to intensify as the day progresses.
The greatest concerns remain damaging winds and large hail. The leading edge of the storm front will likely be the most intense, with the potential for straight-line winds and brief spin-up tornadoes.
LIVE Radar: Dallas-Fort Worth
Dallas Storms: Timing and Impact
The highest potential for severe weather in the Metroplex is from 2 p.m. to 6 p.m., though lingering activity could continue until 2 a.m. Wednesday. Residents are advised to seek shelter immediately if a warning is issued for their area.
7-Day Forecast
A final round of storms is expected Wednesday, primarily between noon and 7 p.m., according to the National Weather Service. These storms carry a threat of half-dollar-sized hail and damaging winds.
Behind this system, North Texas will dry out and briefly cool off. Sunny skies return Thursday with a high in the mid-60s. Temperatures will then warm into the upper 70s on Friday before a sunny weekend with highs in the low 80s.
The Source: Information in this article comes from the National Weather Service and FOX 4 forecasters.
Dallas, TX
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Dallas, TX
Dallas weather: Storms return this week with large hail and tornado threat
DALLAS – North Texans will enjoy a brief break today before the next weather system arrives, bringing multiple rounds of storms. A warmup is on the way, with temperatures climbing back into the mid-80s by the weekend.
Monday Forecast
Following a few morning showers in the eastern counties, expect a warm and breezy Monday. High temperatures will climb into the low 80s under partly cloudy skies.
Tuesday Forecast
As an upper-level low-pressure system moves to the west, scattered storms will move into the region Tuesday afternoon. Some of these storms could become severe, with the primary threats being large hail, damaging winds and isolated tornadoes.
Simultaneously, storms are expected to develop ahead of a dryline to the west. While the tornado threat remains low in this area, any storms that form could produce large hail and damaging wind gusts.
7-Day Forecast
Those overnight storms should push out to the east by Wednesday morning, but don’t put the umbrella away just yet. As the main weather system moves directly over us Wednesday afternoon, we’ll likely see another round of scattered storms that could still bring with some hail. Once everything finally clears out Wednesday evening, we can look forward to some drier, much more comfortable air moving back into the area.
Thursday will be noticeably cooler, with high temperatures settling in the mid-60s. However, sunshine and a quick warmup are expected by the weekend. Temperatures will rebound into the 80s on Friday and Saturday.
The Source: Information in this article comes from the National Weather Service and FOX 4 forecasters.
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