Growing Presence of Hypermarket and Supermarket and Relaxation in Investment Regulations has Supported the Riyadh Retail Market Growth: Ken Research by kenresearch6 · July 3 Authentic Amari Cooper Jersey , 2019
鈥淩etail development trends over the past few years in Riyadh indicates that the capital city is growing towards the Central areas, where the retail projects have the highest rental prices and experience lesser vacancy rates.鈥?p>
Research Analysts at Ken Research in their latest publication 鈥?u>Riyadh Retail Market Outlook to 2023-Dominance of Online Shopping and Emergence of International Brands to Fuel Demand for Retail Space鈥?believe that introducing a better tenant-mix, investment in entertainment sector Authentic Dak Prescott Jersey , entrance of international brands, increasing awareness among consumers and implementing omni-channel strategies will contribute to an increase in the demand within Riyadh retail sector over long term.
Central Riyadh was observed as the leading attractive area for development of retail projects, as it has the benefits of high population Authentic Ezekiel Elliott Jersey , quality infrastructure and better connectivity with other regions in Riyadh. In addition to that, the central region is the hub for financial districts and the employees are in need for recreational spaces to relax. The international brands are opening their stores within the central region thus indicating a strong demand for retail spaces. The state budget of FY鈥?018 declared an allocation for public spending and amounted to over SAR 1.1 trillion. The government has recently introduced reforms including allowance of 100.0% FDI in retail sector, implementation of Saudization policy and lifting of ban from cinemas which are collectively driving the demand in the retail sector.
Super-regional malls have the highest occupancy among the different mall categories followed by regional and community center malls. Majority of the Riyadh鈥檚 housing supply is being delivered by mid-scale and small-scale developers whereas; professional developers are having a very limited presence. The reason behind flourishing super-regional malls is a better tenant-mix with consumers getting all the recognized brands under one roof. The rental rates have declined from the last year owing to the level of upcoming supply and increased competition.
Along with increase in disposable income Authentic Emmitt Smith Jersey , the retail spending among Saudi consumers has witnessed a growth of 6.0% over the past five years. Increasing inbound tourism and growth in population are providing the boost to the development in the retail real estate sector. Moreover, increasing affordability among people of Riyadh have been forcing developers to move away from the traditional bakalas to supermarkets and hypermarkets.
Growing Presence of Hypermarket and Supermarket: Hypermarket and supermarket chains continue to expand in Saudi Arabia. The total number of supermarkets and hypermarkets in Saudi Arabia in 2016 were estimated at 1,255 stores Tony Pollard Jersey , accounting for approximately 2.9% of retail outlets. A major trend witnessed in recent years is the shift in location of hypermarkets and supermarkets from stand-alone stores towards developed regional and super-regional malls due to the increase annual footfall across these retail formats.
Relaxation in Investment Regulations: Given the oversupply of retail space, especially in Riyadh, the government has eased investment regulation in the retail sector to boost inflow of international brands into the country. In June 2016 Connor McGovern Jersey , the Saudi government announced that it will allow foreign companies to wholly own companies in the Saudi retail and wholesale trade sector (allowance of 100.0% FDI). Foreign companies were previously required to partner with Saudi investors to establish retail or wholesale outlets, and may still find it advantageous to do so.
Key Segments Covered:-
Type of Malls
Super-Regional Malls
Regional Malls
Community Center Malls
Key Target Audience:-
Retail Project Developers
Third Party Real Estate Companies
Independent Architects
Government Associations
Government Agencies
Independent Investors
Retail Real Estate Consulting Companies
Time Period Captured in the Report:-
Historical Period 鈥?2013-2018
Forecast Period 鈥?2019-2023
Riyadh Retail Malls Case Studies Covered:-
Pure Mall
Al Oruba Square
Canary Center
Localizer Mall
Granada Center
Centria Mall
Keywords:-
Riyadh Retail Market
Retail Industry In Riyadh
Riyadh Retail Market Supply
Market Retailers in Riyadh
Retail Development in Riyadh
Retail Overview in GCC
Retail Supply and Demand Riyadh
Future Regional Mall Supply Riyadh
Riyadh Retail Market Insight
Riyadh Retail Rental Prices in Malls
Food Retail Spending in Riyadh
Store Based Retailing in Riyadh
Future Retail Projects in Riyadh
Major Retail Projects in Riyadh
Pure Mall Retail Market Riyadh
Localizer Mall Retail Market Riyadh
For more information on the research report, refer to below link:-
Riyadh Retail Market
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