CENOMI CENTERS SEES INCREASING DEMAND FOR RETAIL SPACE AS NEW AND EXISTING ASSETS REACH RECORD OCCUPANCY LEVELS

Riyadh: Gulf Tech News

Retail occupancy has reached record levels with FY2022 seeing like-for-like tenant occupancy increasing to over 94% during the period, up from 92.8% the previous year.
New asset, The View, opened in October 21 and is already at 90% occupancy outpacing typical mall maturity.
Opening later in 2023, Jeddah Walk, has already surpassed 70% pre-lease levels.

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% increase in visitor footfall during Short Year 2022 (9-Months ended 31-Dec-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.
Newly opened Riyadh-based mall, The View, is already at 90% 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% tenant pre-lease levels. As the retail industry in Saudi Arabia 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% being international.

Alison Rehill-Erguven, CEO, 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 KSA 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 and 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. As well as Jeddah Walk, the company is building three new flagship developments – the Jawharat projects in Riyadh, Jeddah and Al-Khobar 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.”