As it continues to forge global retail partnerships, Marvin Traub Associates (TRAUB) today announced its successful completion of multi-party agreements to open Macy’s first store outside the U.S. TRAUB represented Dubai-based Al Tayer Group in their partnership with Macy’s Inc. and also acted as the exclusive advisor on strategy and leasing to Gulf Related. TRAUB has served as advisors to both Al Tayer and Gulf Related for over ten years.
As part of the transaction, TRAUB helped facilitate the agreement for Macy’s new flagship store, which will occupy 205,000 square feet and serve as an anchor at Al Maryah Central, Abu Dhabi’s highly anticipated new retail experience opening in Spring 2018 on Al Maryah Island. In addition, TRAUB announced that it worked with Gulf Related to bring Bloomingdale’s as an anchor to the center, where the retailer will open its second store in the region with 230,000 square feet of space. With the combination of these flagship stores, Al Maryah Central will be home to the two largest department store offerings in the region.
“The UAE is one of the most visited tourist destinations in the world, making it the most fertile retailing environment for a brand’s international expansion,” said Mortimer Singer, CEO of Marvin Traub Associates. “As we continue to help retailers grow their global footprint, we are pleased to bring these world-renowned American brands to the Middle East. These new flagship stores will doubtless pave the way for further growth and development.”
Once completed, Al Maryah Central will offer a unique combination of retail, restaurants, cafes, entertainment venues, a luxury hotel and an apartment tower. Forming the center-point of Al Maryah Island, Al Maryah Central will seamlessly link to The Galleria on Al Maryah Island, Gulf Related and Mubadala’s 550,000 square-foot premier shopping and dining development with a stunning waterfront promenade. Combined, The Galleria on Al Maryah Island and Al Maryah Central represent over 2.9 million square feet of retail, leisure, dining and entertainment options. Al Maryah Central will also be connected to over 15.7 million square feet of adjacent, completed and occupied properties on Al Maryah Island by 2018. The district will include Sowwah Square, comprised of The Galleria on Al Maryah Island, Rosewood Abu Dhabi (opened), Four Seasons Hotel (due for completion in 2016), the Cleveland Clinic, four Grade ‘A’ office towers; new headquarters for both the National Bank of Abu Dhabi and Al Hilal Bank; and luxury residential towers. The entire urban district will be highly accessible, serviced by over 15,000 parking spaces and 13 bridges providing access to Al Maryah Island.
About TRAUB
With a culture based on growing brands at every stage of their lifecycle, TRAUB is a business development firm that works with globally-minded companies that operate in the businesses of fashion, retail, technology, real estate, beauty, food & beverage, and hospitality. Early-stage companies to multi-billion dollar enterprises around the world have benefitted from the firm’s deep expertise, exceptional industry perspective, and unmatched relationships. Through its unique approach that blends financial excellence with the sensibilities of seasoned operators, TRAUB optimizes businesses and brands through product development, international development, licensing, franchising, real estate, and organizational optimization. Regardless of the project, the result is a company that operates at its fullest potential and delivers its greatest value to shareholders.