The tourism boom which began in 2009 has turned New York City into the nation’s most competitive luxury retail market, and Neiman Marcus is now ready to join the fight. Over 107 years after the company’s founding, the popular retailer has finally announced plans to open it’s first store in Manhattan.

While Neiman Marcus has several stores in the New York area, including one in Paramus, New Jersey, and another in White Plains, New York, the Dallas-based company hesitated in opening a Manhattan store because of the city’s already-crowded market and fear of hurting the sales of its sister store, Bergdorf Goodman. However, tourist spending rose 30.9% to $36.9 billion between 2009 and 2012, thanks in large part to wealthy visitors from Brazil, China and Russia. This change made it clear to Neiman CEO Karen Katz that it is the right time to open a store “in one of the world’s premier shopping destinations.”

The 250,000-square-foot department store will be located in Hudson Yards, on the west side of Manhattan. It is scheduled to open it’s doors sometime in 2018, at which time it will become Neiman’s forty-third full service department store. The retailer also announced plans on Wednesday to open a store in its outlet chain Last Call Studio in Brooklyn.

Several other major luxury department retailers are also planning major changes in New York in the coming years. Nordstrom recently announced plans to open their own first Manhattan department store in 2018, and Saks Fifth Avenue is spending $1 billion on upgrading their stores in the city. Macy’s is spending $400 million on a multi-year overhaul of its flagship, and Bergdorf Goodman is preparing to undertake a five-year renovation.