Saks Global Seeks $126 Million for Dallas Store Project

The company requested city tax incentives to renovate the historic downtown Neiman Marcus flagship location.

Updated on Oct. 21, 2026 in Openings & Closings

Saks Global Seeks $126 Million for Dallas Store Project

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Saks Global proposed a $195 million renovation for the downtown Neiman Marcus flagship store in October 2025. The company requested $126 million in tax increment financing and an additional $24 million in historic tax credits for the project.

Why it matters

The company stated that the renovation of the retail space and the proposed office conversion were not financially viable without the requested city incentives. The flagship location ultimately closed permanently on September 30, 2026.

Saks requested $126 million in tax increment financing alongside $24 million in historic tax credits for a $195 million project. The company previously secured a $5.25 million city grant in 2022, though it utilized less than $100,000 of those funds.

The players

Saks Global

This retail holding company manages luxury department store brands and operates multiple shopping destinations across the United States.

Neiman Marcus

This luxury department store chain is known for its high-end retail offerings and previously maintained a prominent flagship presence in downtown Dallas.

Dallas Landmark Commission

This municipal body oversees the preservation of historically significant architecture and sites within the city of Dallas.

The details

The development plan included consolidating retail operations to the first two floors while converting the building's top seven stories into office space and a fashion incubator. The Dallas Landmark Commission also initiated historic designation for the property in August 2026.

Neiman Marcus secured a $5.25 million development grant in 2022.
Saks presented the tax incentive proposal to the city in October 2025.
Saks Global filed for bankruptcy in January 2026.
The store received a lifeline to remain open in March 2026.
The downtown Neiman Marcus store closed permanently on September 30, 2026.

Market Landscape

The project proposal follows the standard application process for city support within established Tax Increment Financing (TIF) districts. Such large-scale urban development requests highlight the ongoing competitive pressure on legacy luxury retailers to reposition historic real estate assets.

The permanent closure of the downtown Neiman Marcus flagship store removes a primary shopping destination from the city center. Additionally, the city is moving to claw back the majority of a $5.25 million economic development grant previously awarded to the retailer.

The takeaway

Large-scale urban retail projects often rely on complex public-private funding agreements to remain viable in shifting markets. When these incentives are not approved, retailers may be forced to shutter prominent locations despite historical significance.