Saks Global Sought $126M Dallas Subsidy to Keep Neiman Marcus Flagship Open

Saks Global requested $126 million in city funding and $24 million in historic tax credits from Dallas to keep its flagship Neiman Marcus store at 1618 Main Street open and fund renovations, according to public records reported by the Dallas Morning News. The company said the incentives were necessary for the store to remain financially viable. The full project was expected to cost $195 million and included plans to move the Zodiac Room restaurant to the ground floor and convert the top seven floors into office space for fashion designers. Dallas economic development officials said the application was sidelined after Saks filed for Chapter 11 bankruptcy in January following a missed $100 million interest payment. The flagship, open for over a year in a last-gasp cycle, closed permanently this September; the Zodiac Room and bridal salon are relocating to the NorthPark location. Neiman Marcus, founded in Dallas in 1907, was acquired by Saks Global for $2.7 billion in 2024.