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|Bloomingdale's to Open in Dubai in 2010|
CINCINNATI--(BUSINESS WIRE)--Sept. 22, 2008--Macy's, Inc. (NYSE:M) today announced that the first Bloomingdale's stores outside of the United States will open in February 2010 in Dubai, United Arab Emirates (UAE), as part of a strategic relationship with Al Tayer Group LLC, a leading UAE-based company with diversified businesses.
Two Bloomingdale's locations - a three-level apparel and accessories store of about 146,000 square feet and a one-level home store of about 54,000 square feet - will anchor The Dubai Mall, which will be one of the world's largest shopping centers when completed in late 2008. The store's merchandise assortment, upscale ambience and high level of customer service will be similar to Bloomingdale's in the United States, while being sensitive to local preferences and customs.
"This will be our company's first overseas location, and we expect to learn a great deal about how our brands translate internationally," said Terry J. Lundgren, chairman, president and chief executive officer of Macy's, Inc., parent company of Bloomingdale's. "Dubai offers a unique opportunity for Bloomingdale's. It is a fast-growing, affluent marketplace that has emerged as an international destination for tourism, sporting events and business."
"With established expertise in retail, spanning multiple sectors, we are delighted to bring an iconic brand such as Bloomingdale's to the UAE. Being luxury retail pioneers in the region, we are confident of introducing and operating Bloomingdale's in the UAE to the level of century-long success that it has enjoyed in its home market, the United States," said Obaid H Al Tayer, chairman & CEO, Al Tayer Group.
"Bloomingdale's is a national fashion store with an international reputation," said Michael Gould, chairman and chief executive officer of New York-based Bloomingdale's. "Our Dubai store will feature the events, theater of retailing, visual excitement and outstanding contemporary luxury brands that customers associate with Bloomingdale's. The Dubai store will allow us to serve existing customers who are frequent world travelers. In addition, a prominent location in The Dubai Mall will help introduce Bloomingdale's to new shoppers and allow us to build new international customer relationships."
The stores will be managed and operated by Al Tayer Insignia, a company of Al Tayer Group, under a licensing agreement. Al Tayer Group was represented in the deal by Marvin Traub Associates Inc. Michael Steinberg provided strategic support to Macy's, Inc. (Traub and Steinberg are former division principals at Macy's, Inc. Traub was chairman and CEO of Bloomingdale's. Steinberg was chairman and CEO of Macy's West.)
Bloomingdale's is America's only nationwide, full-line, upscale department store and a division of Macy's, Inc. It was founded in 1872 and currently operates 40 stores in New York, New Jersey, Massachusetts, Pennsylvania, Maryland, Virginia, Illinois, Minnesota, Georgia, Florida, Nevada and California. For more information, or to shop any time, visit www.bloomingdales.com.
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 2007 sales of $26.3 billion. The company operates more than 850 department stores in 45 states, the District of Columbia, Guam and Puerto Rico under the names of Macy's and Bloomingdale's. The company also operates macys.com, bloomingdales.com and Bloomingdale's By Mail. Prior to June 1, 2007, Macy's, Inc. was known as Federated Department Stores, Inc.
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, with over 6500 employees of 85 nationalities. It has built leading operations in multiple sectors, including automotive, contracting, distribution, publishing, 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 Harvey Nichols, Armani, Gucci, Emilio Pucci, Bvlgari, and Boucheron, to name but a few. In addition, the Group has created and built a network of dedicated home-grown retail chains in fashion, jewellery & watches, perfumes & cosmetics, as well as interiors & furnishings. Complementing its position in luxury retail, the Group's portfolio also includes leading lifestyle brands such as Gap and Banana Republic.
About Al Tayer Insignia
Al Tayer Insignia is the largest luxury retailer in the Middle East and a company of Al Tayer Group, a UAE-based diversified business conglomerate. Al Tayer Insignia represents over 30 of the world's most renowned luxury brands and operates 64 stores in the region. Al Tayer Insignia currently employs over 1,000 people and is headquartered in the UAE, with operations in Bahrain, Lebanon and Qatar. Al Tayer Insignia will expand its operations to Kuwait and The Kingdom of Saudi Arabia in 2009.
Among the brands currently in its portfolio are Bvlgari, Boucheron, Bottega Veneta, Dolce & Gabbana, Giorgio Armani, Gucci, Sergio Rossi and Yves Saint Laurent, to name but a few. Al Tayer Insignia is also responsible for opening and operating the largest Harvey Nichols store outside the United Kingdom, at the Mall of the Emirates in Dubai.
All statements in this press release that are not statements of historical fact are forward-looking statements within the meaning of the 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, competitive pressures from specialty stores, general merchandise stores, manufacturers' outlets, off-price and discount stores, new and established forms of home shopping (including the Internet, mail-order catalogs and television) 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 the company with the Securities and Exchange Commission.
(NOTE: Additional information on Macy's, Inc., including past news releases, is available at www.macysinc.com/pressroom)
CONTACT: MACY'S, INC. Media - Jim Sluzewski, 513-579-7764 or Investor - Susan Robinson, 513-579-7780 or AL TAYER GROUP Media - Madhu Chhibber, 011-971-4-2011109 SOURCE: Macy's, Inc.
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