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TexasStar, December 13, 2005 in Dallas/Fort Worth/Metroplex
For some reason I thought they had closed that one. Good to see its still there
Wow, how have I missed this?
It's lit up like that every year during the holiday season. Although, it appears they may have added a few more ornamental features this year.
Ummm....because you never go downtown?
yeah, that looks quite a bit more lit up then last year. same base decorations, with more added, at the brink of overboard - but still looks nice.
Its their flagship store, they have no intention of closing it. From what I understand with all the resurgence around downtown and uptown, they have really seen sales pick up. This coming from a long time associate I talked with who works their. She said sales slumped when downtown went dead, but in the past 6 or so years they have really scene sales pick up. But then she also let me know about 80 percent of their business comes from personal shoppers that account for 10 percent of thier customers, and not the casual shoppers in the stores.
The store should benefit further from the redevelopment of the blighted Mercantile complex across the street.
Old news, but did any of you Houstonites know that Neiman's if partly owned by a FORT WORTH firm??? DFW's WFAA Channel 8's web sight had the following in it's archives. FW getting a little more classier
Neiman Marcus agrees to buyout
11:00 PM CDT on Monday, May 2, 2005
From Staff and Wire Reports
John David Emmett / DMN
Neiman Marcus Group Inc., an icon in luxury retailing, said Monday it has agreed to sell its chain of department stores to two private investment firms for about $5.1 billion in cash.
Texas Pacific Group, based in Fort Worth, and New York-based Warburg Pincus agreed to pay $100 per share for Neiman Marcus, which operates 35 Neiman Marcus stores, a Bergdorf Goodman women's store and a Bergdorf Goodman men's store. The price is a slight premium to Neiman Marcus' closing price of $98.32 on Friday but is more than 25 percent higher since mid-March when the company announced it was considering putting itself up for sale.
Some Dallasites worry the ownership change could result in the closing of the chain's flagship store in downtown Dallas.
"Since I was a little girl we shopped in downtown Dallas at that store," said customer Mary Beth White. "I can remember being there, 3 or 4 years old, having lunch with my mom."
Legendary local figure Stanley Marcus left Neiman's 30 years ago and died in 2002, but strong roots and a solid reputation have kept the retailer looking good.
And while some worry about the stores losing their Lone Star connections, Neiman Marcus officials said many people forget - or maybe didn't know - that a Boston company has owned the chain since 1969.
Shares fell $5.10, or 5.3 percent, to $92.10 in midday trading on the New York Stock Exchange as investors sought to lock in profits.
"We are very pleased with the results of our strategic review," said Neiman Marcus Chairman Richard A. Smith. "This transaction provides outstanding shareholder value and represents an endorsement of the excellent performance of our entire team."
Smith and his family, who own a "significant" portion of Neiman Marcus' stock, separately agreed to vote their shares in favor of the transaction, the company said.
The acquisition is the latest in a flurry of retail deals in the last few months, fueled by private equity firms that are flush with cash as well as heavy cash flows from the likes of merchants like Federated Stores Inc., who feel the way to grow in an overall stagnant apparel market is to gobble up other chains.
On Friday, Saks Inc., the Birmingham, Ala.-based department store operator, said it is selling its Proffitt's and McRae's department stores to privately held retailer Belk Inc. for $622 million in cash as it considers selling its northern mid-priced department store group.
Saks, however, said it will retain and continue to operate its luxury Saks Fifth Avenue Enterprise division, as well as its upscale Parisian stores.
Texas Pacific, which manages over $15 billion in assets, has investments in a number of companies including the retailers Petco, J. Crew and Debenhams and the fast-food restaurant company Burger King. On Sunday, its investment in Lenovo, the new chinese owner of IBM's personal computer division, was confirmed.
Warburg Pincus has about $13 billion under management and invests in the financial services, health care, media and energy industries as well as real estate.
Investment banks Goldman Sachs and JPMorgan both advised Neiman Marcus on the deal.
The Associated Press and WFAA-TV's Karin Kelly contributed to this report.
Great pics, Texas.
Great store as well. I couldn't imagine it ever closing. My mom used to say you could always count on Neimans because they'll never sell crap.
They still don't, IMO.