Neiman Marcus Closes Last Massachusetts Store
Neiman Marcus is set to close its last store in Massachusetts, located at Copley Place in Boston. This decision comes from its corporate owner, Saks Global, which announced the closure today. The luxury retailer is also shutting down eight Saks Fifth Avenue stores across the nation.
Details of Neiman Marcus Closure
The Copley Place store will officially shut its doors in April. However, the Saks store in the Prudential Center will continue to operate. A spokesperson for Copley Place indicated that the vacant Neiman Marcus space will be transformed to accommodate two restaurants and luxury boutiques.
Store Closures Impact and History
- The last Massachusetts location of Neiman Marcus at Natick Mall closed in 2021.
- Saks Global acquired Neiman Marcus in 2024 for $2.65 billion.
- Due to financial strains, Saks Global filed for bankruptcy last month.
In light of these developments, Saks Global has halted the sale of gift cards in the closing stores. These gift cards will only be honored for 15 days after the closure sales start.
Challenges Faced by Department Stores
The retail landscape has been challenging for department stores in recent years. Several have closed within the Boston area, including:
- TJ Maxx on Newbury Street, which closed in January.
- Nordstrom anchor stores at Northshore Mall in Peabody and South Shore Plaza in Braintree, both shuttered last year.
Saks Global emphasized its commitment to customers without a physical store presence. The company plans to continue delivering luxury products and services through online channels as it navigates its financial restructuring.
