Cenomi Centers, the largest owner, operator and developer of retail and lifestyle centers in Saudi Arabia, has seen record levels of interest from brands looking to expand their presence in the Kingdom. Having recorded a 35 percent increase in visitor footfall during the short year 2022 (nine months ending Dec. 31, 2022), reaching 84.2 million visitors across its existing 21 assets, Cenomi Centers has received growing amounts of interest from brands who see the continued potential in Saudi retail.
Retail occupancy has reached record levels with FY2022 seeing like-for-like tenant occupancy increasing to more than 94 percent during the period, up from 92.8 percent the previous year.
Newly opened Riyadh-based mall The View is already at 90 percent capacity, ahead of the typical three-year maturity curve for new mall openings, and the upcoming Jeddah Walk, opening in the second half of 2023, has surpassed 70 percent tenant pre-lease levels. As the retail industry in the Kingdom continues on an upwards trajectory, it is imperative for brands to partner with mall owners and operators that deliver exceptional lifestyle destinations. Cenomi Centers highlighted the onboarding of 109 brands across its portfolio with circa 20 percent being international.
Alison Rehill-Erguven, CEO of Cenomi Centers, said: “The interest we are seeing from brands looking to enter and expand in Saudi Arabia is at an unprecedented rate. Consumers in Saudi Arabia are savvy and they are looking for access to a much wider variety of brand choices, on their doorsteps.
“This is reflected in our occupancy rates, which are at record high levels. Not only are rates of renewal in existing malls high, but we are receiving a considerable number of inquiries from retailers that are new to the Kingdom and to the region. They are looking to establish their presence here, seeing the value that Cenomi Centers can bring to that partnership, with the largest and most distinguished portfolio in the country.”
Cenomi Centers is currently developing a number of next-generation retail and lifestyle assets in Saudi Arabia. In addition to Jeddah Walk, the company is building three new flagship developments — the Jawharat projects in Riyadh, Jeddah and Alkhobar, which will offer a fully immersive lifestyle experience for consumers, with indoor and outdoor walkways that are home to luxury retail and extensive dining and entertainment offerings.
