PRESS RELEASE: The Neiman Marcus Group Announces Plans to Build Two New Neiman Marcus Stores

Released: 05/09/97

CHESTNUT HILL, Mass. -- (BUSINESS WIRE) -- May 9, 1997 -- The Neiman Marcus Group, Inc. (NYSE: NMG) today announced that it plans to build new Neiman Marcus Stores in Coral Gables, Florida, and Oyster Bay in New York.

The Coral Gables store would be the third Neiman Marcus in South Florida, joining stores in Bal Harbour and Fort Lauderdale. The new store, expected to be about 130,000 square feet in size, would be part of a mixed-use center to be know as The Village of Merrick Park to be developed by The Rouse Company.

The Oyster Bay location on Long Island is part of a planned regional shopping center development by The Taubman Company to be called "The Mall at Oyster Bay". The Neiman Marcus Store would be about 150,000 square feet in size and would represent Neiman Marcus' initial entry into the Long Island market.

Robet A. Smith, president and chief operating officer of The Neiman Marcus Group, said, "We are pleased that both of these projects are moving ahead. Both stores are targeted for openings in the 2000-2001 time period. Long Island is a market we have been working to enter for several years, and this new development promises to become a leading upscale retail location in that area. The Coral Gables location will strengthen our competitive position in South Florida and complement our two existing, successful stores in that market."

Neiman Marcus will open its 31st store, which will be 160,000 square feet ins ize, in the Ala Moana shopping center in Honolulu, Hawaii, in November 1998. The two new stores announced today will expand Neiman Marcus to 33 locations when they open.

In addition to Neiman Marcus Stores, The Neiman Marcus Group includes Bergdorf Goodman, which operates two stores on Fifth Avenue and 57th Street in new York City, and NM Direct, a direct marketing business based in Las Colinas, Texas. Harcourt General, Inc. (NYSE: H) of Chestnut Hill, Massachusetts, owns 53 percent of the common equity of The Neiman Marcus Group.

CONTACT: The Neiman Marcus Group, Peter Farwell, 617-232-0760