The iconic luxury retailer Stanley Korshak in Uptown has been sold.
Connecticut-based Mitchell Stores announced the purchase of the Uptown retailer to Women’s Wear Daily on Tuesday. The acquisition of the largest independent department store in the United States expands Mitchell Stores’ portfolio, which includes holdings like Richards, Wilkes Bashford, and Marios.
Stanley Korshak describes itself as “an independent Dallas specialty emporium that pampers customers with lavish service and a selection of the best, highest quality merchandise in the world.”
The roughly 55,000-square-foot store is located in the high-end Crescent development, home to some of the city’s priciest real estate. The neighborhood is about to welcome its newest building, the 375-foot residential tower known as 2811 Maple, when it opens in May.
Mitchell Stores is an independent retail chain with eight stores across the United States. The family-run retailer was founded in 1958 and has been in business for more than six decades.
Steve Lieberman, CEO and co-chairman of the Retail Connection, told Dallas Business Journal that the acquisition will complement Stanley Korshak’s current offering.
“It takes everything that (Stanley Korshak) is able to do today and enhances it by virtue of the added depth of additional lines that they’ll have better access to,” he said.
According to Lieberman, no brokers were involved in the deal. Instead, the transaction was completed by the two owner families, who have an existing relationship. Lieberman says the merging of the two was a “natural extension of the evolution of that relationship.”
“It was the right time for the businesses to put their platforms together,” he explained.
The purchase will also fulfill Mitchell Stores’ desire to run a location in Texas without opening a brand-new site.
Stanley Korshak opened in Dallas in 1985 after oil heiress and philanthropist Caroline Rose Hunt purchased and moved the store from its original Chicago location. Before then, the store had operated in the Windy City since its opening in 1909.