Another Dallas-based luxury retailer has a new owner.
Mitchells is acquiring Stanley Korshak, a men's and women's specialty retailer with one location at The Crescent in Uptown Dallas, for an undisclosed amount. The deal brings the number of stores owned by Mitchells to nine and represents the company's first location in the central U.S.
Mitchells other luxury men's and women's stores operate on the East and West coasts under names such as Wilkes Bashford in California, Marios in Oregon and Washington state, and Richards and Mitchells on the East Coast.
Stanley Korshak's former owner Crawford Brock, who is a former Neiman Marcus executive, is expected to stay at the helm of the Dallas store. Stanley Korshak has a multifloor retail space at 500 Crescent Court in Dallas' sought-after Uptown neighborhood.
In August 2020, the retailer signed what was then the biggest lease renewal by a luxury retailer during the pandemic with Brock telling CoStar News at the time he believed in luxury retail and was backing that with a big real estate lease at The Crescent — the place where Stanley Korshak has been for nearly 38 years.
Meanwhile, Saks Global bought Dallas-based Neiman Marcus at the end of last year in a deal with a total enterprise value of $2.7 billion and is planning on closing the flagship Neiman Marcus store in downtown Dallas at the end of the month.
Texas jewel
Mitchells sells over 400 luxury brands through its stores.
"Stanley Korshak is a jewel in Texas and we will do everything to help Crawford and his team continue to offer world class products and services that are perfectly tailored to the Dallas customers," said Chris Mitchell, a third-generation owner of Mitchells, who will represent the retailer in Dallas, in a statement.
For Brock, the deal marks the end of his decades-long ownership of what was once the largest independently owned department store in the United States. He acquired Stanley Korshak in 2002 after years of service to the brand.
Brock was mentored by Stanley Marcus, the executive who made Neiman Marcus a global brand, and was running Neiman Marcus' store in Beverly Hills in the 1980s when he was recruited by Texas oil heiress Caroline Rose Hunt, who bought the rights to Stanley Korshak after its only location closed in Chicago.
She revived the Stanley Korshak brand and opened a store at the Crescent Hotel in Dallas in 1986, hiring Brock to manage it in 1987.
The Mitchells have been close personal friends with the Brock family for decades and the acquisition is an extension of that long-time friendship, the company said on its website.
Brock said in a statement the new partnership will give Stanley Korshak an "expanded universe of world-class product, inventory, technology and services to our customers." Stanley Korshak did not immediately respond to an interview request from CoStar News seeking additional information late Tuesday.