Saudi’s largest operator and developer of retail Cenomi Centres has recorded a 35 per cent increase in visitor footfall during short year 2022, welcoming 84.2 million visitors across its existing 21 assets.
The company has witnessed record levels of interest from brands looking to increase their presence in the country.
CEO of Cenomi Centres, Alison Rehill-Erguven, 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 Centres can bring to that partnership, with the largest and most distinguished portfolio in the country.”
Retail occupancy has reached record levels with FY2022 seeing like-for-like tenant occupancy increasing to more than 94 per cent during the period, growing by 1,2 per cent compared to the previous year.
New Riyadh-based mall The View is already at 90 per cent capacity, ahead of the typical three-year maturity curve for new mall openings, while the upcoming Jeddah Walk, set to launch in the second half of this year, has surpassed 70 per cent tenant pre-lease levels.
Cenomi Centres said they onboarded 109 brands across its portfolio, around 20 per cent of which are international.
Currently, the mall operator is working on several next-generation retail and lifestyle assets in Saudi Arabia. Apart from Jeddah Walk, the company has broken ground on three new flagship developments — the Jawharat projects in Riyadh, Jeddah and Alkhoba that house luxury retail space, featuring an immersive lifestyle experience.
In February, Cenomi Centres reported a 22.2 per cent increase in net profit for 2022.
