Dubai Mall opening date confirmed for first Bloomingdale's store outside the United States.
Macy’s Inc will open its first Bloomingdale’s store outside the US in The Dubai Mall on February 1, it was confirmed on Monday.
The two stores - a 146,000 sq ft fashion and accessories store spread over three floors, and a 54,000 sq ft home store - will open in partnership with the UAE-based Al Tayer Group.
The launch marks the start of Bloomingdale’s first overseas venture, and presents a “unique opportunity” for the brand, Terry Lundgren, chairman of Macy’s Inc, said in earlier remarks.
“This will be our company's first overseas location, and we expect to learn a great deal about how our brands translate internationally,” he said.
“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.”
Earlier on Monday, property consultants CB Richard Ellis (CBRE) said in a report that around a quarter of global retailers planning to expand this year are including the Middle East and North Africa (MENA) in their plans.
CBRE’s report examined the attitudes and 2010 expansion plans of 220 leading retailers, based on interviews conducted over the summer of 2009.
The latest UAE retail report published by Business Monitor International forecasts sales will grow from $104.1bn in 2008 to $142.6bn by 2013.
Key factors behind the forecast, it said, were strong underlying economic growth, increasing household consumption and expatriate wealth.
It added that with the population increasing from 4.7m in 2008 to an estimated 5.4m by 2013, GDP per capita was forecast to rise by almost 17 percent by the end of the forecast period, reaching $60,753.