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Bloomingdale's Store to Open in Kuwait in 2017

M | January 20, 2016

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.”

Macy’s, Inc., with corporate offices in Cincinnati and New York, is one of the nation’s premier retailers, with fiscal 2014 sales of $28.015 billion. The company operates about 900 stores in 45 states, the District of Columbia, Guam and Puerto Rico under the names of Macy’s, Bloomingdale’s, Bloomingdale’s Outlet, Macy’s Backstage and Bluemercury, as well as the macys.com, bloomingdales.com and bluemercury.com websites. Bloomingdale’s in Dubai is operated by Al Tayer Group LLC under a license agreement.

All statements in this press release that are not statements of historical fact are forward-looking statements within the meaning of the 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 the company with the Securities and Exchange Commission.

(Note: additional information on Macy’s, Inc., including past news releases, is available at www.macysinc.com/pressroom).