Neiman Marcus to exit Hudson Yards

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Neiman Marcus to exit Hudson Yards

By Marianne Wilson - 07/24/2020
Neiman Marcus' Hudson Yards location
Neiman Marcus' Hudson Yards location

Neiman Marcus is shuttering a location it opened amid much fanfare a little more than a year ago.

The luxury retailer plans to close its store at The Shops & Restaurants at Hudson Yards, the expansive new retail, residential and office complex on Manhattan’s West Side, according to a court filing. 

The three-level, 180,000-sq.-ft. store was billed as Neiman’s most innovative to date and contained a number of new services and tech enhancements. It served as the retail anchor for Hudson Yards’ retail complex, which still has not fully reopened since closing at the beginning of the COVID-19 outbreak.

Neiman Marcus filed for bankruptcy in May. Earlier this month, A&G Real Estate Partners began marketing leases for the retailer for four locations. Hudson Yards was not on the list. But the location was among those listed in court documents indicating leases that are being assumed or rejected. The other locations in the documents included two in Florida (Fort Lauderdale and Palm Beach) and Bellevue, Washington.

“We are always assessing our store footprint to ensure it is optimal to enhance revenues, overall profitability, and our integrated retail strategy,” a Neiman’s spokesman said in report by CNBC.

With regards to Hudson Yards, he said: “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.” 

Hudson Yards, whose 1-milion-sq.-ft. retail space opened in March 2019, has been called the largest private real estate development in the U.S. by square footage. Developed by Related Companies and Oxford Properties Group, the retail center is only one component of the massive complex, which, when fully completed, will include more than 18 million square feet of commercial and residential space.