Macy’s, Inc. (NYSE:M) today announced that Macy’s and
Bloomingdale’s stores plan to open in Abu Dhabi, United Arab
Emirates (UAE) in 2018 as part of a strategic partnership with Al
Tayer Group LLC, a leading UAE-based company with diversified
businesses. This will be Macy’s first international store location
and the second for Bloomingdale’s.
The Macy’s and Bloomingdale’s stores will anchor Al Maryah
Central, a new super-regional shopping destination on Al Maryah
Island being developed by Gulf Related, a joint venture between
Related Companies and Gulf Capital. The 3.1-million-square-foot
mixed-use development will include retail, cafés and restaurants,
extensive entertainment options, a cinema, health club, luxury
hotel and residential towers.
The Macy’s (205,000 square feet on four levels) and
Bloomingdale’s (230,000 square feet on four levels) stores will
offer a merchandise assortment, ambience and customer service
similar to each brand’s shopping experience in the United States,
while also being sensitive to local preferences and customers. The
stores will be operated by Al Tayer Group under license agreements
with Macy’s, Inc. Al Tayer Group also opened and operates the
highly successful Bloomingdale’s which opened in Dubai in 2010.
“As a spectacular new world-class shopping destination, Al
Maryah Central provides an outstanding opportunity to introduce
Macy’s to customers who live and work in the booming UAE market, as
well as to visitors who come from around the world for events,
business and holidays,” said Terry Lundgren, Macy’s, Inc. chairman
and chief executive officer. “Macy’s and Bloomingdale’s already are
well known globally. They are destinations for international
tourists to the United States and play an important role in popular
culture domestically and globally.
“We are continuing to study various international markets and to
better understand how customers worldwide shop in stores, online
and via mobile. While macys.com and bloomingdales.com have been
selling online in about 100 nations since 2011, we are especially
interested in the omnichannel dynamics of worldwide markets, and
the role that physical stores play in that equation. While we
continue to evaluate store development opportunities around the
world, we are committing now to take advantage of this unique
opportunity in Abu Dhabi with two partners who we know very well,
Al Tayer Group and Gulf Related, with the development of Al Maryah
Central,” Lundgren said.
“Bloomingdale’s has been a standout success in Dubai, and we
look forward to expanding our business into Abu Dhabi,” said Tony
Spring, chairman and chief executive officer of Bloomingdale’s.
“Customers in the UAE have come to recognize Bloomingdale’s for the
high quality of designers and luxury goods we sell in an attentive
high-service environment. We take great pride in making
Bloomingdale’s like no other store in the world. Al Tayer Group has
been a tremendous partner that shares Bloomingdale’s high
standards.”
“We are delighted to extend our successful partnership with
Macy’s Inc., with the launch of Macy’s and Bloomingdale’s in Abu
Dhabi. Having recorded almost five successful years with
Bloomingdale’s–Dubai, we are confident that the offering from
Macy’s will have an equally strong appeal in the Middle East
region. Both Macy’s and Bloomingdale’s have entrenched themselves
as market leaders in department store retailing in the U.S., and we
look forward to delivering the same unrivalled shopping experience
to customers in Abu Dhabi,” said Khalid Al Tayer, CEO - Retail, Al
Tayer Group.
About Macy’s, Inc.
Macy’s, Inc., with corporate offices in Cincinnati and New York,
is one of the nation’s premier retailers, with fiscal 2013 sales of
$27.931 billion. The company operates about 840 stores in 45
states, the District of Columbia, Guam and Puerto Rico under the
names of Macy’s and Bloomingdale’s, as well as the macys.com and
bloomingdales.com websites. The company also operates 13
Bloomingdale’s Outlet stores. Bloomingdale’s in Dubai is operated
by Al Tayer Group LLC under a license agreement.
About Al Tayer Group
Al Tayer Group is a diversified regional business established in
1979 with its headquarters in Dubai, UAE. Since its inception, the
Group has grown rapidly and currently operates in 12 countries in
the Middle-East and beyond. It has built leading operations in
multiple sectors, including automotive, contracting, distribution,
retail, and services.
Al Tayer Group represents over 600 global leading brands that
span from Ferrari, Ford, Land Rover and Jaguar, among others, in
the automotive sector to brands like ABB and Danzas in
services.
In retail, Al Tayer Group has firmly anchored its position
as a leader in the Middle East through the representation of major
brands such as Alexander McQueen, Boucheron, Bottega Veneta, Coach,
Dolce & Gabbana, Emilio Pucci, Giorgio Armani and Jimmy Choo,
to name but a few. Al Tayer Group is also responsible for opening
and operating the largest Harvey Nichols outside the United Kingdom
as well as the first Bloomingdale’s stores outside the United
States. Complementing its position in luxury retail, the Group’s
portfolio also includes leading lifestyle brands such as Gap,
Banana Republic and Crate and Barrel. The Group also has Joint
Ventures with Bulgari, Gucci, Prada and Saint Laurent. The retail
division represents over 35 of the world’s most renowned brands and
operates over 200 stores in the region.
About Gulf Related
Gulf Related is a regional real estate development company
focused on retail, residential and high-end mixed-use real estate
developments in the Middle East. Gulf Related represents a
joint-venture between Gulf Capital, one of the Middle East's
leading alternative asset management firms, and Related Companies,
one of the largest private real estate development and investment
firms in the United States. The Gulf Related team leverages its
core competencies from Related in real estate planning, development
and management; while Gulf Capital brings strong regional
relationships, access to deal flow, and fund raising capabilities.
Gulf Related is focused on pursuing marquee large-scale mixed-use
real estate development opportunities in Abu Dhabi and Saudi
Arabia.
All statements in this press release that are not statements of
historical fact are forward-looking statements within the meaning
of the U.S. Private Securities Litigation Reform Act of 1995. Such
statements are based upon the current beliefs and expectations of
Macy’s management and are subject to significant risks and
uncertainties. Actual results could differ materially from those
expressed in or implied by the forward-looking statements contained
in this release because of a variety of factors, including
conditions to, or changes in the timing of, proposed transactions,
prevailing interest rates and non-recurring charges, competitive
pressures from specialty stores, general merchandise stores,
off-price and discount stores, manufacturers’ outlets, the
Internet, mail-order catalogs and television shopping and general
consumer spending levels, including the impact of the availability
and level of consumer debt, the effect of weather and other factors
identified in documents filed by Macy’s, Inc. with the U.S.
Securities and Exchange Commission.
(Note: additional information on Macy’s, Inc., including past
news releases, is available at www.macysinc.com/pressroom)
Macy’s, Inc.MediaJim Sluzewski, 513-579-7764orInvestorMatt
Stautberg, 513-579-7780
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