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
"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
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
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
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
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
Investor - Susan Robinson, 513-579-7780
AL TAYER GROUP
Media - Madhu Chhibber, 011-971-4-2011109
SOURCE: Macy's, Inc.