Thursday, May 7, 2015

PA taxpayer subsidy for Neiman Marcus

$900,000 for Pittston warehouse, 151+ jobs

PA taxpayer subsidy for Neiman Marcus

Travel Deals

Pennsylvania taxpayers will give high-end department-store operator Neiman Marcus Group close to $900,000 in grants and tax breaks for the company's planned $12 million, 200,000 sq ft warehouse in Jenkins Township, near Pittston, Luzerne County. In a statement Gov. Corbett said the chain will hire "at least 151."

Corbett credited the subsidy and the state's "pro-business climate" for Neiman Marcus' plan to build in the depressed former coal region. Neiman Marcus has booked profits totalling $150 million so far this fiscal year (first three quarters).

Landlords have been luring warehouses from New Jersey to townships along the state's free Interstate highways north and northwest of Allentown. Neiman Marcus cfo/coo Jim Skinner noted the chain already has 15 stores in PA, and Pittston is a "strategic location" accessible to NYC and other Northeast centers.

The state package includes a $375,000 grant from the Pennsylvania First program, $67,950 n job-training assistance, and $453,000 in Job Creation Tax Credits. 

About this blog

PhillyDeals posts raw drafts and updates of Joseph N. DiStefano's columns and stories about Philly-area finance, investment, commercial real estate, tech, hiring and public spending, which he's been writing since 1989, mostly for the Philadelphia Inquirer.

DiStefano studied economics, history and a little engineering at Penn, taught writing at St. Joe's, and has written the book Comcasted, more than a thousand columns, and thousands of articles, and raised six children with his wife, who is a saint.

Reach Joseph N. at JoeD@phillynews.com or 215 854 5194.

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