By Joanne Bladd
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.
If Bloomingdales performs like the rest of us, they will underperform and possibly lose money. Dubai Mall has been a big disappointment and there have already been a few shops who have closed. I know others who have backed out of leases and will not start fitout regardless of what we may read on the hoarding (ex: Dean & Deluca on the basement floor is NOT opening!). Compare a fully leased Mall of the Emirates with a long waiting list versus a Dubai Mall which is still trying to fill empty spaces. Emaar is still living in the past with their rent demands.
Good luck for them. Whether it's the rents Emaar asks or the greed of the Franchise holders, 85% to 100% markups over prices in Europe or the US is too much. I only buy in Dubai if I absolutely have to; luckily I travel a lot and can buy most items abroad. But even on larger items it's still cheaper to buy them in Europe and have them shipped to Dubai.
The word is that Dubai's Bloomingdale is like no other, perhaps modelled on the Sans Fransico Store, it is unlike any other stor in the UAE. The ladies fashion area is huge as is the Children's section. The famous 'cup-cake' bakery from 'Sex in the City' is part of the f&B offering too. If Debenhams is a 3 star store and Harvey Nics a 5 star , then this will be the only 6 star bloomingdales in the world. Personally i think that this will help make Dubai Mall the ultimate shopping destination. Oh.. yes Emaar .. get real on rents..
Do you know when I left the Uk to come to Dubai 18 months ago the phrase 'rip off' Britain was being bandied around daily...and yet now when I return to the Uk I see what a rip off country actually looks like...sadly stores like Bloomingdales will offer the American experience in everything other than price - which for everyone at the moment is still the big issue!
Dear Mr. No Rush, with regards to your comment regarding long waiting list at Emirates Mall and Shops closing at Dubai Mall. do not forget that its been merely one year since Dubai Mall has opened its operations. I am sure if you would visit Dubai Mall there is a great increase in foot fall and that would surely increase. Dubai Mall is a destination not only a mall. You can spend whole day there with saga republic, newly opened cinema, great fountain show, newly opened at the top taking to burj khalifa and a large food court e-t-c. From my retail experience as an operations manager Emirates Mall is getting effected slightly. The advantage they are banking on is the presence of great market carrefour.