Majors

Why Neiman Marcus Is Closing Its Hudson Yards Store

MajorsJul 28, 2020

Why Neiman Marcus Is Closing Its Hudson Yards Store

The department store chain is rethinking its store count as its customer base shifts to online shopping.

As part of its Chapter 11 bankruptcy proceedings, Neiman Marcus is closing its store in New York City’s upscale Hudson Yards development.

New York—Neiman Marcus is moving out of Hudson Yards, the slick, uber-chic development on the west side of Manhattan.

As the retailer moves through Chapter 11 bankruptcy proceedings, it’s taking a closer look at how many stores it has and where, weighing that against how consumer behavior has changed in recent months.

The retailer said it has analyzed the changes in the retail environment and believes customers’ new online shopping habits will stick.

“The COVID-19 pandemic reaffirmed the importance of our stores as a key place to build customer relationships in the context of our digital ecosystem,” a spokesperson said in a statement to National Jeweler.

In a court filing last week, the department store chain listed a total of four locations that are on the chopping block, including the 188,000-square-foot store in the Hudson Yards shopping center.

Opened in March 2019, the location is spread across three levels in the high-end mall, featuring four restaurants and trendy offerings including a spa, a pop-up florist, a leather care station and personal shopping services.

The location also houses a stage for live performances. Academy Award-winning actress and singer Liza Minelli performed at the store’s opening party.

The other Neiman Marcus stores closing for good are in Fort Lauderdale and Palm Beach, Florida and the store in Bellevue, Washington.

The department store chain has been struggling under a mountain of debt followed by the disruptions related to the coronavirus pandemic, including temporary store closures and the furloughing of 14,000 employees.

“A physical location in Hudson Yards is no longer an ideal space for us given the preponderance of restaurants and future office space in that mall,” Neiman Marcus said in a statement.

As of Tuesday, Hudson Yards was open at 50 percent capacity with several tenants offering curbside pickup.

The retailer said it will focus on the luxury customers it has through its Bergdorf Goodman store, and will serve its Neiman Marcus customers both online and at its other physical locations.

Lenore Fedowis the associate editor, news at National Jeweler, covering the retail beat and the business side of jewelry.

The Latest

IndependentsJul 28, 2021
Estelle Hedaya, Full of Life and Loved by All, Laid to Rest

The funeral for Hedaya, the final victim identified in the Surfside condo collapse, took place Tuesday in her native Brooklyn.

CrimeJul 28, 2021
2 Charged in Series of Luxury Watch Robberies in NY Metro Area

The men allegedly stole, or attempted to steal, watches worth hundreds of thousands of dollars off victims’ wrists.

IndependentsJul 28, 2021
My Jewelry Repair Is Now Montblanc-Certified

The online division of jewelry and watch repair service M&G Jewelers can now restore Montblanc watches, writing instruments, and more.

Brought to you by
3 Reasons Why You Should Start Appraising This Summer

Create appraisals with the Jewelry Appraisal Solution on the Zing by Jewelers Mutual Group® platform and leverage the expertise of Gemworld.

IndependentsJul 27, 2021
Retailer Hall of Fame 2021: Marie Helene Reinhold

The much-loved and well-respected jeweler has an unparalleled eye for talent and the ability to see failure as an opportunity to grow.

Weekly QuizJul 23, 2021
This Week's Quiz
Test your knowledge of jewelry news from the week of July 19-23, 2021.
Take the Quiz
FinancialsJul 27, 2021
LVMH’s H1 Sales Soar as Tiffany Settles In

The luxury titan’s watch and jewelry sales more than tripled in the first half of the year.

Lab-GrownJul 27, 2021
Charlie Dolly Makes the Move to Lab-Grown Diamonds

The second collection from the Rebecca Romijn-designed brand features natural sapphires and lab-grown diamonds.

Brought to you by
Is Men’s Jewelry an Untapped Category for Retailers?

Statistics and sales over the last several years have proven that men’s jewelry is now a fast-growing area of the market.

MajorsJul 27, 2021
ASA Elects New International President

David Crick’s appointment marks the first time someone outside of the U.S. has held the American Society of Appraisers position.

×