A fleet of floating shopping and leisure galleries is to be introduced by the private investment group, Tamares.

Over the next five years, the company previously known as Ivory Gate, plans to spend $500m building between ten and twelve Eolian centres in ports across the world. Each will be built to resemble a 19th century sailing ship, consisting of 240,000 sq ft of shops spanning over five floors as well as 21,500 sq ft of restaurants.

The company has already identified sites in Italy, Spain, Greece, China and Portugal, with the first centre due to open in early 2008.