The store is expected to generate $40 million in annual sales, city documents show.
In its agreement with the city, Von Maur can receive a sales tax rebate of up to $225,000 the first year and $275,000 by the eighth year. To qualify, the retailer’s sales must be at least $27.5 million the first year and $30 million each year after for the remainder of the agreement.
The incentives helped put Oklahoma City at the top of list for a Von Maur store, over locations where such rebates were not available, Jim von Maur said.
“We always we may have many locations each year where we would like to go, we have to kind of select based on the quality of the location and we look at the overall economic package, so that was certainly a deciding factor in our decision to come to Oklahoma City,” he said.
Von Maur began hiring for the Oklahoma City store in June and is still looking for applicants for full- and part-time positions, store manager Jessica Stetler said.
“We’ve had a lot of success with hiring so far, especially as we get closer to opening and work on the store is looking farther along,” she said.