Plano, Texas, September 20, 2025
News Summary
Saks Global has sold the Neiman Marcus store in Plano, Texas, to developer Centennial. The 150,000-square-foot store, operational since 2001, will close by January 2027 as part of Centennial’s mixed-use redevelopment plans for The Shops at Willow Bend. Employees will be offered transfer opportunities or separation packages as operations wind down, while Saks Global aims to reinvest in e-commerce growth amidst corporate workforce reductions since their acquisition of Neiman Marcus.
Plano — Neiman Marcus at The Shops at Willow Bend in Plano sold to developer Centennial; store to close by January 2027
Key developments
Saks Global, the parent company of Neiman Marcus, has sold the Neiman Marcus store at The Shops at Willow Bend in Plano, Texas, to developer Centennial. The sale amount has not been disclosed. The 150,000-square-foot store is expected to close in January 2027.
Immediate impact
The Neiman Marcus location has been operational since the mall opened in 2001 and serves as an anchor tenant. Centennial is redeveloping The Shops at Willow Bend into a mixed-use destination, which is a multi-year process. This redevelopment aims to reflect the needs of the Plano community, according to a Centennial spokesperson.
Operations and staffing
As operations wind down at the Willow Bend location, Saks Global will offer transfer opportunities to other stores in the Dallas-Fort Worth area for employees, while some will receive separation packages. The Neiman Marcus corporate headquarters in Dallas has already closed, with plans to consolidate operations in New York City.
Why the change is happening
The sale enables Saks Global to reinvest in other areas of its business, focusing on e-commerce sales and growth. Saks Global stated that the sale will allow the developer to bring its vision for the area to life. Saks Global has reassured that there are no current plans to reduce its store portfolio on a broader scale.
Context within broader company changes
Saks Global has cut approximately 14% of its U.S. corporate workforce since acquiring Neiman Marcus in a $2.7 billion deal finalized in late 2024. The acquisition was backed by investments from tech companies Amazon and Salesforce, highlighting a focus on technology. Saks Global reportedly faces financial struggles linked to commercial mortgage-backed securities that are maturing.
Regional and national context
Earlier in the year, Saks Fifth Avenue locations closed in Palm Beach, Florida, and downtown San Francisco. Plans to close the flagship Neiman Marcus store in downtown Dallas have been paused as the company seeks alternatives with city officials. Neiman Marcus’s Downtown Dallas location was originally founded in 1907.
The retailer has three other locations in the Dallas-Fort Worth region: NorthPark Mall in Dallas, and The Shops at Clearfork in Fort Worth.
About The Shops at Willow Bend and Centennial’s plans
The Shops at Willow Bend covers approximately 1.4 million square feet and was the last enclosed mall built in Texas. Centennial acquired The Shops at Willow Bend in 2022, with plans to demolish over a third of the mall and introduce residential, dining, and entertainment offerings. Centennial is redeveloping The Shops at Willow Bend into a mixed-use destination, which is a multi-year process.
Experts have expressed skepticism about the mixed-use concept’s success in attracting shoppers and tenants to the area.
What to expect next
The sale transfers ownership of the Willow Bend Neiman Marcus building to Centennial and begins a transition period that will include store wind-down operations and planning for redevelopment. The 150,000-square-foot store is expected to close in January 2027, after which Centennial will proceed with its multi-year redevelopment plans for the property.
Timeline summary
- 2001: The mall opened and the Neiman Marcus location began operations.
- 2022: Centennial acquired The Shops at Willow Bend.
- January 2027: The 150,000-square-foot store is expected to close.
Further considerations
The redevelopment aims to reflect local community needs and is expected to unfold over multiple years. Centennial’s proposed changes include introducing housing, restaurants and entertainment spaces and removing portions of the existing enclosed mall. Observers and retail experts remain cautious about the ability of mixed-use conversions to restore traffic and long-term tenant demand in some regional markets.
FAQ
- Who bought the Neiman Marcus store at The Shops at Willow Bend?
- Saks Global, the parent company of Neiman Marcus, has sold the Neiman Marcus store at The Shops at Willow Bend in Plano, Texas, to developer Centennial.
- Was the sale price disclosed?
- The sale amount has not been disclosed.
- When will the store close?
- The 150,000-square-foot store is expected to close in January 2027.
- How long has the Willow Bend Neiman Marcus been open?
- The Neiman Marcus location has been operational since the mall opened in 2001 and serves as an anchor tenant.
- What will Centennial do with the mall?
- Centennial is redeveloping The Shops at Willow Bend into a mixed-use destination, which is a multi-year process.
- Will the redevelopment consider local needs?
- This redevelopment aims to reflect the needs of the Plano community, according to a Centennial spokesperson.
- Why did Saks Global sell the store?
- The sale enables Saks Global to reinvest in other areas of its business, focusing on e-commerce sales and growth.
- Is Saks Global planning to reduce other stores?
- Saks Global has reassured that there are no current plans to reduce its store portfolio on a broader scale.
- Have there been other recent store closures?
- Earlier in the year, Saks Fifth Avenue locations closed in Palm Beach, Florida, and downtown San Francisco.
- Has Saks Global made workforce cuts?
- Saks Global has cut approximately 14% of its U.S. corporate workforce since acquiring Neiman Marcus in a $2.7 billion deal finalized in late 2024.
- Who supported the acquisition?
- The acquisition was backed by investments from tech companies Amazon and Salesforce, highlighting a focus on technology.
- Is the company facing financial issues?
- Saks Global reportedly faces financial struggles linked to commercial mortgage-backed securities that are maturing.
- What is happening with the downtown Dallas flagship?
- Plans to close the flagship Neiman Marcus store in downtown Dallas have been paused as the company seeks alternatives with city officials.
- How old is the Downtown Dallas location?
- Neiman Marcus’s Downtown Dallas location was originally founded in 1907.
- What other local stores remain?
- The retailer has three other locations in the Dallas-Fort Worth region: NorthPark Mall in Dallas, and The Shops at Clearfork in Fort Worth.
- What will happen to employees at Willow Bend?
- As operations wind down at the Willow Bend location, Saks Global will offer transfer opportunities to other stores in the Dallas-Fort Worth area for employees, while some will receive separation packages.
- What happened to the corporate headquarters?
- The Neiman Marcus corporate headquarters in Dallas has already closed, with plans to consolidate operations in New York City.
- How large is The Shops at Willow Bend?
- The Shops at Willow Bend covers approximately 1.4 million square feet and was the last enclosed mall built in Texas.
- When did Centennial acquire the mall and what are its plans?
- Centennial acquired The Shops at Willow Bend in 2022, with plans to demolish over a third of the mall and introduce residential, dining, and entertainment offerings.
- Are experts confident about the redevelopment?
- Experts have expressed skepticism about the mixed-use concept’s success in attracting shoppers and tenants to the area.
Summary of key features
| Feature | Detail |
|---|---|
| Buyer | Centennial |
| Seller | Saks Global, the parent company of Neiman Marcus |
| Store size | 150,000-square-foot |
| Expected closure | January 2027 |
| Operational since | 2001 |
| Mall size | Approximately 1.4 million square feet |
| Centennial acquisition of mall | Centennial acquired The Shops at Willow Bend in 2022 |
| Redevelopment plan | Demolish over a third; introduce residential, dining, and entertainment offerings |
| Other regional Neiman Marcus locations | NorthPark Mall in Dallas, and The Shops at Clearfork in Fort Worth |
| Corporate changes at Saks Global | Saks Global has cut approximately 14% of its U.S. corporate workforce since acquiring Neiman Marcus in a $2.7 billion deal finalized in late 2024 |
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