Related Companies chair Stephen Ross said his firm has no interest in buying Neiman Marcus, despite recent talks over a possible merger.
“Neiman Marcus is a great company, and we are a developer, and I don’t think those two areas come together,” Ross said in an interview with Fox Business.
Executives from Related recently met with Neiman Marcus to discuss acquiring or investing in the luxury chain, which in 2014 signed a 250,000-square-foot lease to anchor the retail component of the massive Hudson Yards project. However, the company has since suffered a decline in sales.
Ross told FOX Business that online retailers like Amazon and the tax advantages that they receive have greatly hurt retail but noted that more than 90 percent of sales still took place in stores, not online, and that Hudson Yards was “changing the new heart of New York.” [Fox Business] — Eddie Small