MAJOR retailer Saks Global has sold one of its anchor stores, announcing its anticipated closure in 2027.
The announcement comes months after The Shops at Willow Bend in Plano, Texas, unveiled plans to redevelop the popular shopping mall, rebranding it to “The Bend.”
Neiman Marcus is a luxury retailer that began in Texas in 1907, now spanning to over 30 locations[/caption]
Saks Global told Retail Drive on Thursday that the company has no plans to reduce its store portfolio[/caption]
Neiman Marcus, which anchors the shopping center, was sold in a “mutual decision,” and will now operate until January 2027, Saks Global said in an email to Retail Dive.
The store first opened in August 2001 where it served as one of four Willow Bend anchors, alongside Lord & Taylor, Dillard’s and Foley’s, according to CultureMap Dallas.
“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,” a company spokesperson told Retail Dive.
Neiman Marcus is a luxury retailer that began in Texas in 1907, now spanning to over 30 locations, according to their website.
The sale comes two months after Saks Global CEO Marc Metrick told BMO Capital Markets analysts there were no plans to close stores, Retail Dive previously reported.
Saks Global told Retail Drive on Thursday that the company has no plans to reduce its store portfolio.
The company said it will continue to “evaluate our store footprint and, as in this case, may determine it necessary to reformat or close a store.”
FIERCE BACKLASH
Saks Global faced backlash in Texas after it announced the decision to permanently close its flagship store in Dallas.
The company later decided the store would stay open through 2025 after the city fought to keep the store in business, according to CBS News.
The City of Dallas gave the company a hard time about the closure. The family who originally owned the land under the downtown location donated it to the city in an attempt to save the store.
The flagship location has served as a place of nostalgia for shoppers. Melanie Webb told CBS News she’s happy the store will remain open throughout 2025, saying the store has been apart of her family for several generations.
“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,” she told CBS.
“My grandchildren come and have pictures made every year with the Easter bunnies and with Santa Claus and things.”
OPEN OR CLOSE?
Whether or not the downtown location will remain open longer is still unclear.
Saks told Retail Drive on Thursday that they 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.”
US braces for ‘45,000 store closures’
Some 45,000 bricks-and-mortar stores could close in the next five years, experts have warned.
Several major retailers have announced store closures or gone out of business altogether in recent years.
In 2023, chains such as Foot Locker announced plans to close up to 400 outlets by 2026.
While, other well-known retailers like Tuesday Morning and Mitchell Gold + Bob Williams filed for bankruptcy in 2023.
Bed Bath & Beyond has closed all of its brick-and-mortar stores and is now an online-only retailer.
The most affected retailers have been clothing, consumer electronics, sporting goods, hobby, book, music, and home furnishing stores since the start of 2019.
UBS has predicted the total number of retail stores will drop by 45k from 958k to 913k.
Despite that, the report says that certain stores should thrive while others decline.
It said retailers such as Walmart, Costco, Home Depot, and Target, could be among the winners.
With the redevelopment of the Willow Bend shopping center, consumers have lost access to Macy’s, which was purchased by the shop’s owner in 2024 after the retailer announced nationwide store closures.
But locals are gaining opportunities to reside in new townhouses and single-family homes with the new development.
NEW SPACES
It was announced in February that part of the mall will be demolished in order to build housing options, a hotel, a dog park and community spaces.
Officials plan to create 50 townhouses near the already existing parking garages in addition to single-family villas and mid-rise apartment buildings, Community Impact reported.
The plans will provide housing to the approved maximum of 956 residents.
A mix of retail, dining, entertainment and fitness options will also be accessible to visitors and new residents.
