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First Bloomingdale's outside the US to open in 2010

22
Sep '08
Macy's Inc 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.)

Macy's Inc


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