Report • 15.10.2013
First Luxury Shopping Mall to Open in Baku
Set to satisfy growing consumer desire for luxury brands in the Caucasus region
Baku, the capital of Azerbaijan, is set to become the next global market opportunity for luxury brands with the launch of an exclusive new shopping mall in the city promising to attract discerning consumers from across the Caucasus region. Located in Baku city, Port Baku has been designed by leading British architects Broadway Malayan, and is scheduled to open in the spring of 2014.
The luxury fashion mall is part of a larger development of high-end business accommodation and prestigious residential apartments situated on the renowned Neftchilar Avenue, already established as the premier address in Baku for luxury retailing.
Significant expansion of the luxury market
With spectacular views over the Caspian, Port Baku Mall will be a significant expansion of the luxury market in the capital city, doubling the suitable retail space available for the accommodation of the world's most prestigious brands. Many of these have shown early commitment to the project, including Ralph Lauren, Giorgio Armani, Valentino, Burberry, Chloe, Stella McCartney, Emilio Pucci, Diane von Furstenberg, Bally, Jimmy Choo, Tiffany and others.
Port Baku is the latest in a number of world-class developments by Pasha Construction, part of the Pasha Group, one of the largest and most established companies in the Republic of Azerbaijan.
Local market is reinforced by an influx of affluent shoppers
Ian Ferguson, Director of Shopping Centres for Pasha Construction explains the significance of the prestigious Port Baku development to the region: "The luxury market is already well-established in Baku and has shown exceptional growth over the last few years as a solid local market is reinforced by an influx of affluent shoppers visiting Azerbaijan from the surrounding region, including southern Russia, Georgia and Iran. At Port Baku Mall we are providing local and international consumers with a new premium shopping experience, bringing together flagship stores of the most desirable brands in one superb location offering easy access and ample parking for drivers."
Stimulated by new exploration of oil and gas in the country, The Economist named Azerbaijan as the second fastest growing economy of any country between 2000 and 2010 based on GDP. This has contributed to the massive regeneration of the city.
Fashion designers and luxury brands have their sights set on Azerbaijan
Sinteks, the leading luxury retail specialist in Azerbaijan, will be part of the project with an Emporium multi-brand concept store that will anchor the new mall. Mr. Aziz Balayev, Sinteks' Business Development Manager, said: "Fashion des
The Emporium concept store, covering 8,500 sq.m and occupying all three floors of the mall, will feature more than 300 high-end fashion brands covering ready-to-wear, kidswear, shoes, lingerie, perfumery and cosmetics, accessories and lifestyle goods as well as a tea salon.
Landmark development also offers high-end residential space
Mrs. Sabina Kristensen, Art Director of Emporium, commented: "Emporium, with its multitude of the newest, the most current and the most interesting luxury goods can rival any premium retail outlet in the world for its shopping experience and service. Baku is acutely aware of and is receptive to trends. We are confident that our new store in Port Baku Mall will be an enormous success."
The exclusive development includes Port Baku Towers, already completed and occupied by many of the city's most influential businesses including the headquarters of BP. Port Baku Mall forms an integral part of the next phase of this landmark development, which also offers high-end residential space of over 375,000 sq. m including a gym and 1,500 car park spaces. 900 luxury apartments have been created above the mall, housed in three dramatic towers - all have already been purchased and are now in the process of being fitted to individual specifications, a further indication of the growing affluence of the city.
Source: Port Baku