Nieman Marcus Set to Ink Manhattan Deal

The Nieman Marcus Group (Dallas) is preparing to finalize a deal that will bring the upscale retailer to New York.  The store would serve as an anchor to the 1-million-square-foot Hudson Yards retail complex under construction on Manhattan’s West Side. Related Cos. (New York) is developing the property, which is scheduled to open in 2018. The $20 billion development will also include commercial and residential space and will total about 37 million square feet.

It has been speculated that the 107-year-old Nieman Marcus has, up to now, hesitated to enter New York, where it would compete with its own Bergdorf Goodman store on Fifth Ave. Nieman Marcus was recently acquired by buyout firm Ares Management and the Canada Pension Plan Investment Board for $6 billion, and according to The Wall Street Journal Market Watch, the new owners have been seeking new avenues of growth for the brand.