Neiman Marcus Group is establishing its new corporate hub on three floors at Cityplace Tower.
The luxury department store will take floors 11 through 13 of the Uptown Dallas office building, occupying approximately 85,000 square feet. Renovations are expected to take place with a slated office opening in early 2023, according to the Dallas Business Journal.
The Dallas-based retailer first announced plans for a new “office hub” in its hometown back in February. The workspace, the company said, is meant to accommodate more flexible work schedules in order to bolster talent acquisition and retention. In May, the Dallas City Council approved a $5.25 million economic development grant agreement with Neiman Marcus Group for the Dallas hub.
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Two years ago, the pandemic lockdowns drove many brick and mortar retailers into oblivion. Even venerable chains like Macy’s, Nordstrom and Lord & Taylor had to file for bankruptcy protection. Neiman Marcus was no different, filing for Chapter 11 bankruptcy in May of 2020 and having to close more than 17 stores that September.
However, CEO Geoffroy van Raemdonck now says that the pandemic and subsequent restructuring presented “the perfect opportunity” to revamp the firm. It also didn’t hurt that Neiman Marcus was able to shed $4 billion in debt through its Chapter 11 restructuring.
The company has since been on a hiring spree, filling 1,200 positions during the 2021 fiscal year. The new corporate hub plan built around a hybrid work policy is part of the retailer’s hiring and retention strategy.
Additionally, after suffering an embarrassment in Manhattan when its $25 billion megaproject in Hudson Yards had to close after just 16 months due to the pandemic, Neiman Marcus is now planning a comeback in the city with a 7,550-square-foot Manhattan office hub. Like the Dallas project, the company said the space will serve as a meeting and collaboration location for associates.
— Maddy Sperling