Harrods future plans unveiled

Wednesday, 12 February 2014

Luxury department store Harrods may be expanding in the near future.
 

On Tuesday morning, Ahmad Al-Sayed, CEO of Harrod's holder Qatar Investment Authority, revealed future plans for the department store and brand in a meeting with the press during the presentation of a new light installation by Dale Chihuly in Harrod's grand hall.
 

Al-Sayed, who is also chairman of the executive board at Harrods, shared expansion plans for Harrods, adding that the company is currently searching for new sites in New York, London as well as "other prime cities" for possible locations for new ventures, according to WWD.
 

"Everything is for discussion, and we are studying different ways of expansion," stated Al-Sayed. However any growth or expansion plans for the luxury store and brand would not necessarily include the duplication of Harrods in another location added the CEO.
 

Since Qatar Holding, an international investment fund founded by Qatar's sovereign investment fund, purchased Harrods in 2010, the company has invested 250 million pounds into the luxury department store, according to company spokesman. The investment has been used to fund for a number of different causes for the Harrods brand, including the new light installation.
 

The luxury department store is also preparing to open the door of its debut standalone watch chamber in Heathrow Airport. The fine watch suite is located in the airport's new terminal two and will open on June 4, which is set to include a retail leisure center with luxury stores such as Prada, Mulberry Burberry and Paul Smith.
 

Al-Sayed noted that the Qatar Investment Authority will continue to take a wide approach with any future investments. "I invest in retail, I invest in commodities, I invest in infrastructure. I invest in different kinds of [businesses]," concluded Al-Sayed.
 

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