Last night, Bloomingdale's Chief Executive Officer Michael Gould unveiled the plans for the new stores, which will be located inside the largest mall in the world, to a gathering of key vendors including Coach's CEO Lew Frankfort, Calvin Klein CEO Tom Murry and designer John Varvatos.
While the age of conspicuous consumption may seem long gone here in the U.S., Bloomingdale's and partner al Tayer Insignia believe that the luxury market will still thrive among the international jetset that travels through Dubai.
Both Gould and al Tayer Insignia CEO Shireen El Khatib said that the fall in oil prices and plunge in the global stock markets is slowing the explosive growth rate of the luxury market. Still, by the time Bloomingdale's opens in February 2010, they hope that the economic situation will improve.
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Macy's first announced its intention to open Bloomingdale's Dubai in September. Surprisingly, the retailer decided to stick with those plans despite a massive cutback in capital spending from $1 billion to a somewhere between $550 million and $600 million.