Bloom Qatar

Page 1

Issue No.

33

Thursday, 16 February 2012

Qatar- an affluent consumer base for luxury retail operators Tasnim Ahmed

With the economy in Qatar growing fast, Doha appears set to be a major player in the retail sector in Middle East, perhaps falling just short of Dubai. According to recent reports, retail space in the GCC region accounts for about six million square metres of all commercial property, up from only one million square metres in the early 1990s. Doha is near the top of the list, with 600 to 700 square metres of retail space per 1,000 people in terms of retail density. This figure is expected to increase with several retail projects expected to add over 1 million square metres to the market. The existing retail projects in Qatar include the US$2.5 billion The Pearl Qatar development. The Pearl is one of the largest projects in the region offering 200,000 square metres of retail space. It includes a luxury shopping centre, with stand-alone mono-brand stores of Hermes, Giorgio Armani, Canali, Roberto Cavalli, Stefano Ricci, Balenciaga, Alexander Mc Queen, John Richmond, John Galliano, Salvatore Ferragamo. Probably more successful than its retail section, The Pearl boasts a very good mix of luxury restaurants by famous Chefs: Gordon Ramsey, Bice, Mango Tree, Pampano and Tse Yang. Another important value added for the attractiveness of The Pearl is its luxury residential offering, this being the only area in Doha where foreigners can actually purchase properties. Next in the list is the Lagoona Mall which is situated within a 5 minute drive from

downtown area and is due to be completed in stages starting with 2014. The area dedicated to luxury shopping covers 45,000 square metres and it is spread over low rise buildings, some stores having direct street windows. The Musheireb complex will include large residential, office and entertainment spaces, including museums, restaurants and concert hall. The fact that the major luxury brands are spread among three different locations is

’s Qatar is the world fastest growing al economy with a re GDP growth CAGR of 16.2% in 200711 and highest GDP per capita in PPP terms, according to QNB Capital.

Shop your style What is it about shopping that inspires res women? How can they spend hours traipsing up and down a shopping mall, max out their credit cards and ignore their own physical comfort just to have the perfect dress, jewellery or handbag? Well, that’s the allure of fashion. Most women love fashion. They fall in love with the colour or the cut and simply have to own it. The power of fashion is that it allows us to transform ourselves. New clothes and accessories let us see ourselves in a different way. So jewelleries, perfumes, accessories and apparels undoubtedly makes every woman go weak on her knees. The key to looking polished and appropriate in any situation is not spending a fortune on designer clothing or jewellery, but building your cupboard around versatile timeless pieces that are always in style. Speckled with lavish malls and local traditional souqs, the city offers an assortment of alternatives topped with luxury, style, design and ethnicity. With so much in the offering, Bloom helps yyou add a touch of individuality to every item yyou possess- be it making your own signature p perfume! Every woman wants to be chic and stylish, yyet many do not know how to begin planning ttheir wardrobe. The right wardrobe will help yyou to feel confident and pulled together no matter what the day may bring. Our top ten wardrobe essentials that every woman should own helps you garner the perfect items that keeps you well dressed all the time. The fashion industry is ever-changing and with technology spreading its wings in every domain of life, the nanotech revolution is gaining momentum where nano components add different functionalities to the fabric we wear. This remarkable innovation is sure to leave you in awe! Drop us a word at bloom@qimqatar.com. Your feedback is always welcome. So be it science, technology, lifestyle or fashion take your pick right away. And Facebook users keep liking our page! Follow us on

www.facebook.com/BloomQatar

Sporting events in February

The Pearl. With a surface of 55,000 square metres and a number of 180 outlets, the total investment in the project has reached US$ 350 million. On the ground floor of two residential skyscrapers better known as the Zig Zag Towers, the Darwish Holding includes a retail division which manages the exclusive distribution of luxury brands such as Rolex, Faberge, hi fi electronics brand Bose, Yamaha. Darwish also operates its own department store concept Fifty One East, the mix of which includes niche international brands such as, Derek Lam, Pollini, Temperley, Balmain, Brioni, Smalto and so forth. In case you are wondering why the top luxury brands are not all together in either one of the two projects, there is a third one, Villaggio Mall which is a mass market mall with a luxury wing. The brand mix includes top brands such as Louis Vuitton, Bottega Veneta, Burberry, Ralph Lauren, Gucci, Tod’s, Valentino. The Villagio Mall which is at the other end of Doha, takes at least a 30 minute drive. Fast food outlets are within a few meters from the ‘’Via Domo’’ area which is dedicated to luxury brands. The interior design and the shopping environment it provides is a minimal standard for luxury retail, for just a wing is dedicated to luxury brands. Well, to add more to the retail luxury openings in Doha, a fourth major luxury retail centre is under construction, as part of the grand Musheireb complex (formerly known as Doha Land), which is being developed in the

a hassle h l for f the th wealthy lth consumers. Hence H here arises the need for an ideal destination where the brands are united. Although shopping malls dominate, Doha’s retail amenities also comprise traditional street-facing retail outlets and a renovated souq area close to the Corniche. Meanwhile, top international luxury brands have already expressed an interest to enter the Qatari market with direct operations. It remains to be seen how long this process will take and how the market will evolve over the next years. With a significant proportion of forthcoming supply aimed at the highincome consumer bracket, this segment will become increasingly competitive. And in light of this impending supply, retailers are seeking to diversify their product offering. Qatar is the world’s fastest growing economy with a real GDP growth CAGR of 16.2% in 2007-11 and highest GDP per capita in PPP terms, according to QNB Capital. Apparently with growing spending power, Qataris are showing more interest in luxury purchases. Building on that, many projects aim to bring in up-market brand names and international groups to establish a presence in Qatar and tap into this booming spending capacity. Likewise, retailers and mall owners are now looking at bumper potential earnings.


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