Although the retail sector remains challenged with many upcoming super-regional malls, growth of e-commerce and change in consumer preferences in Riyadh, the sector is expanding rapidly and demand for retail space is growing with relaxation in certain rules, increase in demand for Family Entertainment Centres. There are a number of upcoming retail mall developments in the city which will increase the total mall based GLA. As such the current market preference is for large-scale malls for destination shopping & leisure experiences and strip centers for convenience retail needs and everyday dining.
Riyadh Mall is a prominent retail destination located in the heart of the city of Riyadh, Saudi Arabia. The mall boasts a diverse range of retail stores, entertainment options, and dining experiences, making it a popular shopping and leisure destination for locals and tourists alike. In this Retail Market Overview for 2021, we will explore the current state of the retail market in Riyadh Mall, including trends, challenges, and opportunities.
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In recent years, Riyadh Mall has experienced steady growth in its retail sector. The mall currently hosts over 500 retail outlets spanning across various categories such as fashion, electronics, cosmetics, and home decor. This diversity of retail offerings has contributed to the mall's popularity and success. Additionally, the mall is home to several luxury brands and high-end boutiques, which cater to the affluent population of Riyadh.
The COVID-19 pandemic has had a significant impact on the retail industry, including the retail market in Riyadh Mall. In response to the pandemic, the mall has implemented several measures to ensure the safety of its visitors, including frequent sanitization and social distancing protocols. The pandemic has also accelerated the adoption of e-commerce in the region, with many retailers shifting their focus to online sales channels. However, despite the challenges posed by the pandemic, the retail market in Riyadh Mall has shown resilience and continues to thrive.
One of the emerging trends in the retail market in Riyadh Mall is the increasing demand for sustainable and eco-friendly products. Consumers are becoming more conscious of their impact on the environment and are seeking products that are ethically sourced and produced. Retailers in the mall are responding to this trend by introducing sustainable product lines and promoting eco-friendly practices.
Another trend in the retail market in Riyadh Mall is the growing popularity of experiential retail. Consumers are seeking more immersive and engaging shopping experiences, and retailers are responding by incorporating interactive elements such as virtual reality and augmented reality into their stores. This trend has been especially prominent in the fashion and beauty sectors.
In conclusion, the retail market in Riyadh Mall is a dynamic and evolving landscape, shaped by trends and challenges both within and outside the mall. Despite the pandemic, the market has shown resilience and continues to offer diverse and exciting retail experiences to visitors. As the retail industry continues to evolve, Riyadh Mall is well-positioned to adapt and thrive in the years to come.
There are many malls to be delivered in the coming years – Mall of Saudi, The Avenues Riyadh, City Centre Ishbiliyah, Al Wedyan, Mall of Arabia. Regional Malls currently account for 37% of the total GLA in Riyadh.
Source: GRC analysis
Source: GRC analysis
Unlike Dubai, which has higher ratio of super-regional malls, Riyadh currently has a low share of super-regional malls. Only 19% of the current retail mall supply are super-regional malls. Riyadh is lacking super-regional destination malls. However, in the coming four years, there are many super-regional malls planned. The Avenues – Riyadh is one such mall which is expected to commence operations in 2023 / 2024, located at a prime position overlooking the intersection of King Salman Road and King Fahad Causeway with a leasable area of 400,000 sqm. The project is expected to become one of the largest commercial malls in Saudi Arabia and will include hotels, residential apartments, medical facilities and offices.
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One of the most important factors for any retail format is its accessibility to its visitors. The accessibility factor becomes even more important for destination assets; however, it is equally important when the competition within a close proximity of the asset is high. The mall has to be accessible to all residents alike, through different modes of transportation.
Conclusion:
Finally, a key goal for Riyadh is to develop its regional leadership role and establish significant points of global influence, from hosting major Inter-Governmental, Sporting and Business events, to improving the city’s global appeal and resonance, while making steps forward in quality of life through major urban restructuring. Much of the infrastructure investment in public transport systems and green spaces has been intended to promote Riyadh’s liveability, affluence and status. And as such, Riyadh has recently hosted the U20 Summit and has also recently released a bid to hold the 21st Asian Games. This shows a great indicator for future development.
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Azrieli Mall has a very definitive architecture which makes catches your eye from far away.
The iconic complex of 3 skyscrapers has around 150 stores distributed in 3 floors along with 8 theaters and 30 plus restaurants.
This mall is home to the biggest international chain stores that you will find hardly anywhere else in the entire city.
If not then you can just go here to experience some of the best and cool events that are organized here like various contests, food markets, and parties.
Location: HaHashmonaim St 96, Tel Aviv-Yafo, Israel
Timings: Sunday to Thursday 10 AM to 10 PM; Friday 9 AM to 4 PM and Saturday 8 to 11 PM
