{"id":17891,"date":"2022-07-27T14:52:41","date_gmt":"2022-07-27T14:52:41","guid":{"rendered":"https:\/\/www.meretailnews.com\/?p=17891"},"modified":"2022-07-27T20:34:08","modified_gmt":"2022-07-27T20:34:08","slug":"ksa-retail-market-rebounds-thanks-to-eased-restrictions-and-umrah-pilgrims-says-report","status":"publish","type":"post","link":"https:\/\/www.meretailnews.com\/2022\/07\/27\/ksa-retail-market-rebounds-thanks-to-eased-restrictions-and-umrah-pilgrims-says-report\/","title":{"rendered":"KSA retail market rebounds thanks to eased restrictions and Umrah pilgrims, says report"},"content":{"rendered":"<p><!-- VideographyWP Plugin Message: Automatic video embedding prevented by plugin options. --><br \/>\nSaudi Arabia\u2019s retail sector has seen an increase in space in the first half of this year, according to a report by real estate firm Jones Lang LaSalle.<\/p>\n<p>Makkah\u2019s gross leasable area rose by 17,500 square metres, totalling to 1.4 million square metres.<\/p>\n<p>Changes in visa rules and the easing of pandemic restrictions have invited more pilgrims to perform Umrah this year, particularly during the Holy Month, said the report.<\/p>\n<p>An addition of 55,000 square metres to <a href=\"https:\/\/www.meretailnews.com\/2022\/07\/14\/arabian-centres-to-build-new-shopping-mall-in-al-jawan-riyadh\/\">Riyadh<\/a>\u2019s gross leasable area brought its retail portfolio to span 3.3 million square metres, said the report.<\/p>\n<p>Although its vacancy rates remained double digits in the second quarter, the capital recorded a quarter-over-quarter decrease, which resulted in declines in rent.<\/p>\n<p>After an addition of 16,000 square metres, <a href=\"https:\/\/www.meretailnews.com\/2022\/06\/17\/saudi-mall-developer-reports-steady-progress-on-two-upcoming-centres\/\">Jeddah<\/a>\u2019s retail stock covered 1.7 million square metres, with rents increasing by 3 per cent across the city.<\/p>\n<p>Gross leasable area in the Dammam Metropolitan Area remained at 1.2 million square metres.<\/p>\n<p>Shopping centres in Dammam Metropolitan Area and Makkah reported stable performances during the first six months.<\/p>\n<p>In efforts to attract and retain retail tenants, <a href=\"https:\/\/www.meretailnews.com\/2022\/05\/19\/arabian-centres-co-reports-10-million-in-footfall-during-holy-month\/\">shopping mall landlords<\/a> have introduced food and beverage and entertainment concepts within malls to maintain and increase footfall.<\/p>\n<p>Shopping centres with such concepts integrated have recorded higher occupancy and footfall rates, said the report.<\/p>\n<p>\u201cFor the first time in two years after the easing of restrictions relating to the Covid-19 pandemic, the kingdom is allowing over one million pilgrims to perform Hajj this month,\u201d said Khawar Khan, head of research of Middle East and North Africa and Turkey at JLL.<\/p>\n<p>\u201cNot only is this expected to provide a boost to Makkah\u2019s retail sector, but it should also help the kingdom to meet its target of tripling foreign visitors to 12 million this year.<\/p>\n<p>\u201cOverall, the higher number of visitors will likely have positive implications for Saudi Arabia\u2019s retail market.\u201d<\/p>\n<p>Over April and May, point-of-sales transactions rose by 16 per cent year-over-year, ultimately valuing SAR91.8 billion across the kingdom.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>With more pilgrims and relaxed pandemic-related restrictions, Saudi Arabia&#8217;s retail market is growing, said report. 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