British luxury brands including Burberry, Stella McCartney and Jimmy Choo are among those to have signed on to a new Azerbaijan luxury development in the country’s capital city, Baku. 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.
The new344,445 square foot centre, Port Baku will be located overlooking the Caspian and is being designed by leading British architects Broadway Malayan. A number of other luxury labels including Ralph Lauren, Valentino, and Chloé have signed leased to open stores, as well as Giorgio Armani, Emilio Pucci, Diane von Furstenberg, and Bally.
With almost 90 percent of the retail space inside the development already taken, designers are seeing the growth potential of Azerbaijan, which was named by The Economist as the second fastest growing economy of any country between 2000 and 2010 based on GDP.
British luxury labels sign up for luxury Azerbaijan mall
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.”
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. In addition to a shopping centre, the development also includes Port Baku Towers, which has already been completed and is occupied by many of the city’s most influential businesses including the headquarters of BP.