Qatar is recognized among the fastest growing economies in the world boasting the world’s highest GDP per capita. The energy rich country has an increased appetite for luxury goods and lifestyle. With a value of £8.1 billion (USD 12.4 billion) in 2014, the retail industry in Qatar is considered as the most attractive market for retailers in the Middle East, ranking in fourth place worldwide.
United Developers, a visionary and ambitious Qatari real estate development company, has engaged with the leading brands in Europe to promote the Qatari retail market and its upcoming £814 million (USD 1.25 billion) mixed-use development Place Vendôme, currently underway in Lusail, Qatar.
The development draws inspiration from the famous Parisian high-end shopping street, Rue de la Paix, of which Place Vendôme is the starting point. Slated to open in the third quarter of 2017, the 800,000m² project will host two five-star luxury hotels, serviced apartments, a mall featuring up to 400 different retail outlets and a central entertainment amphitheater. Place Vendôme is set to bring a unique experience of fine fashion, luxury, lifestyle and architecture to the Middle East region.
Commenting on the increasing interest in Qatar and Place Vendôme on the global retail and luxury scene, Mr. Sean Kelly, Project Director of Place Vendôme said: “Over the past two years, Place Vendôme has been very active in promoting Qatar’s retail opportunities in key target markets. As the world’s fastest growing luxury market and the Middle East’s second shopping destination, Qatar is rising to be among the leading global retail destinations for international brands. European brands, particularly renowned British names of the fashion industry, are maintaining a leading role in Qatar’s retail market. Classic fine quality and cutting edge designs are what continue to drive their market share in Qatar. Locals and residents in Qatar and the Arab region have a deep appreciation for the sense of elegance and excellence in quality that they receive from the British luxury brands,” added Kelly.
“We are delighted with the positive feedback and the interest we are receiving from the leading retail brands and our industry peers in the British market. The project is being recognized as an ideal opportunity for retailers to tap into and expand within the Qatar market in a unique setting,” added Kelly.
The company has been actively engaging with luxury, fashion and retail leaders in Europe. Most recently, the company presented Vogue Paris’ 95th Anniversary celebration that welcomed some of the industry’s key figures, including brand CEOs, designers, models, editors and famous artists.
Earlier this year, United Developers partnered with Condé Nast International to host the first Condé Nast International Luxury conference in Florence, Italy. In addition, the company carried out a roadshow in Milan, Paris, Cannes and Dubai and debuted its project in a number of international real-estate events including Cityscape Global in Dubai and MAPIC in Cannes, where it introduced its project to international brands. Place Vendôme’s refined and grandiose architectural design and unique offerings were recently commended as the “Best Future Project” by the Retail & Leisure International (RLI) magazine, the leading global publication in the retail industry.
Located in Lusail City, Qatar’s emerging master development and home to the host stadium of the opening and closing matches of the 2022 FIFA World Cup™, Place Vendôme aims to become the new center of attraction for regional and international residents and visitors seeking a combination of varied entertainment and retail choices in one place.