Neiman Marcus' iconic Downtown Dallas location will stay open through 2025, the department store's corporate parent said Friday morning.

Earlier this month, Saks Global said the decision to permanently close the retailer's flagship location was final. It was supposed to close its doors for good on March 31. 

"We look forward to exploring what's on the horizon and are committed to continuing our conversations with the Saks Global team," said Dallas City Manager Kimberly Tolbert. 

The retailer will continue operations through Christmas and 2025 holiday season while it explores a reimagination of the location in collaboration with the City of Dallas, Saks said. 

"We deeply admire the city's passion and unwavering dedication to Neiman Marcus' storied legacy in Dallas. The potential reimagination of this iconic shopping destination reinforces Saks Global's commitment to redefining the luxury shopping experience," said Marc Metrick, CEO of Saks Global.

Saks said its leaders have met with Dallas city officials to discuss the potential of a new, innovative format for the retailer.

Those concepts include a luxury retail experience, a curated art exhibition and a fashion and event center. Another proposal includes an incubator for fashion design and manufacturing.

A Neiman Marcus location remains at Dallas' NorthPark Mall. The spokesperson said there are plans for a $100 million renovation at this location.

Positive reactions

The downtown Dallas Neiman Marcus brings a sense of nostalgia for many shoppers, including Melanie Webb.

"My parents used to bring us down here, even if it was just to come down and have a piece of cake or look in the store windows," Webb said.

Webb is happy to hear the flagship location will remain open through the 2025 holiday shopping season.

"My grandchildren come and have pictures made every year with the Easter bunnies and with Santa Claus and things," Webb said. "It's been a multi-generational time."

SMU Cox Business School marketing professor Venkatesh Shankar said he believes the economic impact of holiday shopping may be one of the reasons the deal got worked out.

"Neiman Marcus was bought by Saks Global in December 2024. Ever since then, the management has changed hands, and they've had to reevaluate all the stores, the economics, the viability," Shankar said.

The flagship location at Main and Ervay streets opened in 1914, although Neiman Marcus has been in downtown Dallas since 1907.

"I think it matters a lot because it's 100 years plus old, and typically when you have that kind of a storied background, shoppers and residents are always nostalgic," Shankar said. "They're emotional about it."

Shankar believes the retailer needs to take action if it wants to attract younger shoppers and stay open past the 2025 holiday shopping season. He said younger shoppers tend to value online shopping, as well as authenticity and ethical principles.

"Now by 2030, 70% of luxury shoppers may be millennials and Gen Z shoppers, and they have a slightly different view of luxury compared to the older shoppers," Shankar said.

Neiman Marcus' history in Dallas

CBS News Texas reported on Feb. 18 that Neiman Marcus received a notice from its landlord regarding the termination of its occupancy, which would lead to the closure of its iconic location in Downtown Dallas. The information was provided by a spokesperson from Saks.

Nearly a century ago, Neiman and Marcus signed a 99-year ground lease on a plot of land in Downtown Dallas owned by C.C. Slaughter, a close friend of both families. Slaughter never intended to profit from the lease, which never exceeded more than $400 per month. The lease expired in January but was extended until March 31.