An exterior view of the Neiman Marcus’ flagship store in downtown Dallas, September 30, 2026, the last business day at the upscale clothier.
Tom Fox/The Dallas Morning News
Saks Global asked for $126 million in taxpayer dollars last year to redo — and keep open — the flagship Neiman Marcus store in downtown Dallas, newly released public records show.
Saks, which acquired the department store two years ago, said it was going to pursue historic tax credits and city funding to renovate the building, bring the iconic Zodiac restaurant to the ground floor and reconstruct the top seven floors into office space and a “Luxury Accelerator” — a sort of incubator for fashion designers and fabricators.
The company, now called Exemplar Luxury Group, asked for money collected in downtown’s tax increment financing zone. It presented the plan to the city over a year before Neiman Marcus permanently closed downtown. The proposal consolidated the retail store on the first two floors of the century-old building, where shoppers could’ve perused the work by the designers upstairs.
Article continues below this ad
Downtown Dallas Inc., the nonprofit that oversees downtown, is working to use historic tax credits to save aging buildings in the city center. Neiman Marcus is one of many fixtures leaving downtown.
Saks officials did not immediately respond Wednesday about why the deal didn’t materialize, but in the presentation the company said the project was not “financially viable without the requested incentive.”
The city’s economic development officials told The Dallas Morning News the city “indefinitely paused” work on the application after the company filed for bankruptcy in January and didn’t do any “substantive work” reviewing the proposal in the months before the pause.
The News received emails, slide decks and incentive documents this week after requesting the records from the city several times. The city attorney’s office requested the Texas attorney general allow city officials to withhold the records, but the AG’s office allowed a partial release.
Article continues below this ad
The records show the financial considerations in the fight to keep the store downtown. The city’s Landmark Commission kicked off the process to designate the property as historic and protect the building from demolition in August.
The Saks application asked for $126 million to begin construction and another $24 million in historic tax credits. The project was estimated to cost $195 million.
The lead up
Saks Global announced early last year that it was closing its Cityplace offices and downtown store due to economic headwinds in the retail space and a land dispute. The company was going to prioritize growing the NorthPark mall store.
The announcement prompted City Manager Kimberly Bizor Tolbert to rally support to save the downtown store with council member Paul Ridley, Downtown Dallas Inc. CEO Jennifer Scripps, Dallas Economic Corporation Chair Linda McMahon and developer Shawn Todd.
Article continues below this ad
The store got a lifeline at the end of March to keep it open for several months. The company said it was exploring “a reimagination of the location in collaboration with the City of Dallas” and later pledged to keep the store open through the Christmas season.
Tolbert met with Saks officials several times last year and marketed the possibility that the store could be updated and help revitalize downtown.
Saks Global floated potential concepts that included “a luxury retail experience, a curated art exhibition and a fashion and event center.” The company came back in October 2025 with a tax incentive proposal.
Neiman Marcus had already secured a $5.25 million economic development grant in 2022 to keep the store open and corporate offices in the city, and used just under $100,000. The city said it would claw back the paid dollars since Neiman Marcus was closing its Uptown office.
In January, Saks Global filed for bankruptcy and announced it would shutter several Neiman Marcus and Saks Fifth Avenue stores. City officials said the bankruptcy concluded in June this year and Exemplar Luxury Group has not yet “re-started or re-submitted the development incentive application process.”
Article continues below this ad
The downtown Dallas store closed its doors on Sept. 30 after more than 100 years at the site.
Staff Writer Brian Womack contributed to this report.