Neiman Marcus will close its long-awaited NYC Hudson Yards store after just 16 months as the retailer closes three other stores for its bankruptcy reorganization.
- Related and Oxford Properties, who developed Hudson Yards, have already begun marketing the three-story space.
- Two stores in Florida, one in Fort Lauderdale and the other in Palm Beach, and one location in Bellevue, Washington, are the other stores that close.
- Neiman Marcus began Chapter 11 bankruptcy protection in May
- The space is offered as a “campus for innovation in the heart of New York’s most exciting new neighborhood”
Neiman Marcus is closing his Hudson Yards store after just 16 months in Manhattan, as part of a plan to close four stores for its bankruptcy reorganization.
The store’s closure is a blow to the $ 25 billion development of the Hudson Yards by Related and Oxford Properties, the Dallas Morning News first reported.
Related has already begun marketing the Lower West Side space for potential office tenants who want to take on the potentially rewarding space.
Related and Oxford Properties, who developed Hudson Yards, have already begun marketing the three-story space.
Two stores in Florida, one in Fort Lauderdale and the other in Palm Beach, and one location in Bellevue, Washington, are closing the other stores.
“We have carefully analyzed all the changes that have occurred in the retail environment as a result of COVID-19,” Neiman Marcus Vice President Amber Seikaly said in a statement. “Customers buy and will continue to buy differently than they did before the pandemic.”
“A physical location at Hudson Yards is no longer an ideal space for us given the preponderance of future restaurants and offices in that mall.”
Seikaly added that the retailer was’ purposely focusing on the unique relationships we already have with our loyal luxury customers at Bergdorf Goodman, and we will continue to serve our Neiman Marcus customers through our digital sales channel and our other Neiman stores. Marcus in the United States area. ‘
The space is offered as a “campus for innovation in the heart of New York’s most exciting new neighborhood”
Related is said to have covered the costs for retailers to build the 190,000-square-foot store, agreeing to a special deal where Neiman would pay a portion of his sales in exchange for rent.
The store served as an anchor tenant for the new shopping center, which has been greatly affected by the loss of tourists due to the coronavirus.
Neiman Marcus began Chapter 11 bankruptcy protection in May. At the time, CEO Geoffroy van Raemdonck said the pandemic had put “inexorable pressure” on the business.
Related said it was “unfortunate that Neiman Marcus has not achieved the success that other retailers have found at Hudson Yards,” adding that “this opens up a great opportunity to create an incredibly attractive office space with the largest floor plates available in New York City, a private ground floor entrance and 18 foot ceilings, ‘reports the Royal Deal.
A marketing document obtained by the Royal Deal shows that the three-story space is offered as a “campus for innovation in the heart of New York’s most exciting new neighborhood.”
Shops and Restaurants VIP Opening Event at Hudson Yards in March 2019
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