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Economic Storm Hits Texas
January 05, 2009 - WWD - By Holly Haber
The $600 million River Oaks District project in Houston, touting 350,000 square feet of retail space, has been
postponed.
DALLAS — Six months ago, Neiman Marcus said its seven stores in Texas were outperforming the rest of the chain. Not
any longer.
Now the Dallas-based luxury retailer with 40 full-line stores is reporting no regional differences as the $1.14
trillion Texan economy — about equal to India’s — feels the impact of frozen credit, cutbacks in jobs and consumer
spending and falling home values.
“A broad-based weakening” slammed...
The $600 million River Oaks District project in Houston, touting 350,000 square feet of retail space, has been
postponed.
DALLAS — Six months ago, Neiman Marcus said its seven stores in Texas were outperforming the rest of the chain. Not
any longer.
Now the Dallas-based luxury retailer with 40 full-line stores is reporting no regional differences as the $1.14
trillion Texan economy — about equal to India’s — feels the impact of frozen credit, cutbacks in jobs and consumer
spending and falling home values.
“A broad-based weakening” slammed...
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