Neiman Marcus' Exit Is a Failure for All of Hudson Yards

published 29.07.2020 18:22

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Perhaps an undeniable sign of Neiman Marcus’ fate came soon after the opening of Hudson Yards, when luxury retailer Barneys New York, a titan of the city’s department store scene, announced it would shutter all of its locations after filing for bankruptcy.

Dennis said that for Dallas-headquartered Neiman Marcus, opening a store in New York was long on the table for the company, but the prospect always had its drawbacks as well as its incentives.

Beyond the store’s short lifespan, particularly in comparison with its size and scale (and the investment it likely took to get there), a New York store had been on the company’s mind for over a decade before the 2019 opening, according to Steve Dennis, a former Neiman Marcus executive and the president and founder of SageBerry Consulting.

Cut to not even two years later, and Neiman Marcus has filed for bankruptcy and announced its intention to close the Hudson Yards location permanently.

At the center of that effort was a shopping center filled with luxury retailers—and Neiman Marcus’ first New York City store was the heart of it.

by Diana Pearl from adweek.com

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