A prominent department store that has operated for decades in Boston's Back Bay is shutting its doors.
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The Neiman Marcus at Copley Place is closing as part of owner Saks Global's ongoing bankruptcy proceedings, the company announced Tuesday.
Simon Property Group, the owner of the urban shopping complex, said Tuesday it is redeveloping the Neiman Marcus space. The retail investment trust released glossy renderings of the overhauled big-box store and named two tenants that would occupy it: Italian marketplace Casa Tua Cucina and Greek seafood restaurant Estiatorio Milos.
The landlord said additional retail, dining and wellness concepts will open in the space. Construction is expected to begin later this year with openings starting in 2028, Simon said.
Saks Global filed for Chapter 11 bankruptcy in mid-January, in part due to the $2B in debt it took on when it acquired Neiman Marcus for nearly $2.7B in 2024. Late last month, the company said it would close nearly all of its Saks Off Fifth locations, including stores in Somerville and Wrentham.
Tuesday's list of nine closures includes eight Saks Fifth Avenue locations across the country outside of New England and the one Neiman Marcus space in Boston.
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The company also has a Saks Fifth Avenue men's store in Copley Place and a Saks Fifth Avenue store at the nearby Prudential Center, both of which appear to remain open. The latter store has been open since 1971.
The Neiman Marcus store opened along with Copley Place in 1983. Simon acquired the retail complex in 2002 and launched a $500M renovation in 2015.
In 2022, Neiman Marcus filed a lawsuit against Simon, claiming its Copley Place store has suffered financially due to the landlord's decision to cancel plans for a 52-story multifamily tower above the shopping complex. Neiman Marcus had shrunk its store footprint in 2016 to make room for columns for the tower. The retailer was seeking $50M in damages, but it's not clear what became of the suit.
The latest redevelopment announcement comes a week after Simon revealed plans to upgrade three other malls in Nashville, Denver and Tampa, Florida. The cost for the three projects will total $250M.
"Copley Place has always been Boston's most exclusive luxury destination, located in the heart of the thriving Back Bay," Simon President of Development Mark Silvestri said in a statement. "By introducing these globally recognized brands and iconic dining concepts, we're taking an already exceptional experience to an entirely new level."
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