February 1, 2010
Why Dubai? Bloomingdale's CEO to FBN: Dubai Debt Problems Don't Scare Us
Of all the places on the planet to open your first retail store *outside* the U.S., would you pick Dubai? It looked like a brilliant bet back in 2008 when Bloomingdale's announced it would open its first international location in the Middle East's version of Las Vegas: Dubai. Who knew that just a year later the emirate would come close to defaulting on billions of debt only to be saved by a bailout from neighboring Abu Dhabi. In 2008, Dubai was in the 5th year of a 6-year long economic boom with billions in foreign money ... read more


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