CINCINNATI--(BUSINESS WIRE)--Oct. 28, 2014--
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
“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
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
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)
Source: Macy’s, Inc.
Jim Sluzewski, 513-579-7764