Macy's and Bloomingdale's to Open in Abu Dhabi

Macy's, Inc. 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 globally.

"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 license agreement.

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 Arabia.

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.