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Changes call for innovation, and innovation leads to progress, expressed Mr. Li Keqiang, the Premier of the State Council of the People’s Republic of China. An economist by training, Mr. Keqiang is China’s head of government as well as one of the leading figures behind Chinese economic policy.
When a leading retailer speaks, we like to report on it.
In an effort to excel in a changing business climate, Macy’s announced that it is opening a Bloomingdales store in Kuwait. Bloomingdale’s is an American chain of luxury department stores owned by Macy’s Inc.
While many of us are familiar with the Bloomingdale’s name, perhaps not as much with their branding and marketing strategy. At Macy’s website they enlighten, “Bloomingdale’s, America’s only nationwide, full-line, upscale omnichannel retailer is recognized for its originality, innovation and fashion leadership. It is a modern, contemporary and “of the moment” brand. Bloomingdale’s truly is “Like no other store in the world.” In fact, Bloomingdale’s is a leading attraction for visitors and tourists coming to the United States from around the globe. This brand includes 37 stores, bloomingdales.com and 13 Bloomingdale’s Outlet locations.”
Without change there is no innovation, creativity, or incentive for improvement. Those who initiate change will have a better opportunity to manage the change that is inevitable…….William Pollard
A January 20, 2016 press release speaks to this.
Macy’s, Inc. (NYSE:M) today announced that a Bloomingdale’s store is planned to open in spring 2017 in Kuwait as part of a strategic partnership with Al Tayer Group LLC, a leading UAE-based company with diversified business. This will be Bloomingdale’s second international location (the first opened in Dubai in 2010) and ahead of Macy’s and Bloomingdale’s stores scheduled to open in Abu Dhabi in 2018 – all in partnership with Al Tayer.
The 93,000-square-foot Bloomingdale’s store on three levels will be constructed to anchor 360 Mall in Al Zahra, one of the most upscale and successful commercial and residential areas of Kuwait. It will offer contemporary and designer women’s fashions, handbags, footwear and beauty products, as well as a restaurant and personalized shopping and concierge services. Construction begins in February 2016.
The store will offer an edited merchandise assortment, ambience and customer service similar to Bloomingdale’s shopping experience in the United States, while also being responsive to local preferences and customers. The store will be managed and operated by Al Tayer Insignia, a company of Al Tayer Group, under a license agreement with Macy’s, Inc. 360 Mall was developed and is owned by Tamdeen Group.
“Bloomingdale’s in Kuwait is another step forward in our strategy for capitalizing on the international potential of Macy’s and Bloomingdale’s, both of which are well-known retail brands around the world,” said Terry J. Lundgren, chairman and chief executive officer of Macy’s, Inc. “We are continuing to learn how best to translate these outstanding brands for our international customers, and we expect the new store in Kuwait to build on Bloomingdale’s experience and success in Dubai.”
“Kuwait is one of the world’s most sophisticated and upscale fashion markets, and Bloomingdale’s is excited to serve new and existing customers from Kuwait. We believe we will bring a new dimension in fashion and style for which Bloomingdale’s is known worldwide,” said Tony Spring, Bloomingdale’s chairman and chief executive officer. “This project also represents our latest step forward in an outstanding relationship with Al Tayer Group, which shares our dedication to quality and service. Together, we have made Bloomingdale’s Dubai location one of our most productive stores. We have similar high expectations for Kuwait.”
“Having launched the first international Bloomingdale’s store in Dubai almost six years ago, we are delighted to further extend our successful partnership with Macy’s Inc. with the launch of this new location in Kuwait. The 360 Mall in Kuwait provides us with the perfect location for this landmark introduction,” said Khalid Al Tayer, CEO – Retail, Al Tayer Group. “We will bring a proposition that is uniquely tailored to the needs of the market, with concepts and innovations that we are certain will delight the customers in Kuwait.”
Kuwait, an Arab country on the Persian Gulf, has cultural heritage dating back to antiquity.
Slightly larger in area than the U.S. state of Hawaii, Kuwait is bounded to the west and north by Iraq, to the east by the Persian Gulf, and to the south by Saudi Arabia.
According to britannica.com, Kuwait has invested only marginally in the local industry. As a result, nearly all employed Kuwaitis work for the state, largely in education (only a small fraction of these are in the oil industry). Almost one-third of the government’s revenues are spent on salaries. Tourism plays only a small role in the country’s economy.
Dubai is a city in the United Arab Emirates known for luxury shopping, ultramodern architecture and a lively nightlife scene. Burj Khalifa, an 830m-tall tower, dominates the skyscraper-filled skyline. At its foot lies Dubai Fountain, with jets and lights choreographed to music. On man-made islands just offshore is Atlantis, the Palm, a resort with water and marine-animal parks.
The heart and soul of the company is creativity and innovation.……Bob Iger
This report comes on the heels of a January 16, 2016 finance.yahoo.com article that reported Macy’s is closing 40 stores in the beginning of this year. The leading business site businessinsider.com states as well, “Macy’s has announced it will be closing 40 of its 770 stores. California will lose three stores, and New York and Virginia will both lose five.”
The Yahoo article continues, “In the near future, Macy’s stores could turn into discount outlets.
The stores will sell Macy’s brands at steeply discounted prices — up to 80% off. This model copies highly successful brands like TJ Maxx and Nordstrom Rack.
The outlet locations would serve as a test of whether the store’s new discount outlets will take business away from the higher-priced traditional stores.
“We have to make stores more productive — all of us box stores,” Lundgren told CNBC.
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Sources: brainyquote.com, Wikipedia, fciwomenswrestling2.com, FCI Elite Competitor, photos thank you Wikimedia Commons.
http://finance.yahoo.com/news/macys-just-announced-end-department-201100218.html
http://www.businessinsider.com/macys-closing-40-us-stores-retail-california-new-york-virginia-2016-1
http://www.britannica.com/place/Kuwait
https://macysinc.com/about-us/
https://commons.wikimedia.org/wiki/File:Kuwait_city_skyline.jpg#/media/File:Kuwait_city_skyline.jpg
https://commons.wikimedia.org/wiki/File:Kuwait_Water_Towers.jpg#/media/File:Kuwait_Water_Towers.jpg
