Gulf Related – a joint venture between Gulf Capital and Related Companies – and Al Tayer Group, has announced details of a landmark agreement that will see leading US department stores Macy’s and Bloomingdales open branches in a £621 million Abu Dhabi shopping centre which is currently under construction.
Macy’s and Bloomingdales will each open multi-level flagship department stores at Al Maryah Central, the 2.3 million sq ft retail development on Al Maryah Island, which is scheduled to open in spring 2018.
Macy’s, which is venturing outside the US for the first time, has agreed terms on 205,000 sq ft. Bloomingdales is taking 230,000 sq ft for its second store in the UAE. They will become the two largest department stores in the region offering visitors to Al Maryah Central all the quality brands for which Macy’s and Bloomingdales are famous worldwide.
Khalid Al Tayer, CEO –Retail of Al Tayer Group, said the company is delighted with the historic agreement.
“Both Macy’s and Bloomingdales have entrenched themselves as market leaders in department store retailing in the US, and we look forward to delivering the same unrivalled shopping experience to customers in Abu Dhabi,” he continued.
“Al Maryah Central provides an ideal home for these landmark introductions, forming one of many significant developments underway in Abu Dhabi over the coming years, which serve to strengthen its position as a cultural and tourism leader.”
Terry Lundgren, Chairman and CEO of Macy’s described Al Maryah Central as “a spectacular new world-class destination” and believes it provides an “outstanding opportunity” to introduce Macy’s to the UAE market.
“Macy’s and Bloomingdales 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,” he added.
Al Maryah Central – part of a wider mixed use development at the heart of Abu Dhabi’s new business district – will be linked to the existing Galleria, providing a combined total of 2.9 million sq ft of retail and leisure space in a stunning waterfront location.
Along with retail space it will include over 90 dining options, a 20 screen cinema, a health club, a food market and a rooftop park featuring an outdoor amphitheatre which will stage film screenings and events.
Its integrated pair of high-rise towers – one providing serviced apartments, the other a hotel – will be striking additions to the thriving district which already features four Grade A commercial towers and Maryah Plaza’s luxury residential accommodation.
CEO of Gulf Capital and Co-managing partner of Gulf Related, Dr, Karim El Solh, says that Al Maryah Island is fast becoming a go-to destination, and that Al Maryah Central will represent a meeting point between the old and new Abu Dhabi.
Commenting on the agreement with Macy’s and Bloomingdales, he said; “This pioneering deal will further enhance the development and sophistication of retail both in Abu Dhabi and across the region.
“Gulf Capital is proud to be working with our partners, Related Companies and Al Tayer Group, on this landmark iconic development at the heart of the capital.”
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