Riyadh Retail Market is Expected to Showcase Growth in Demand of Retail Space on Account of Multiple Government Reforms: Ken Research

• Saudi Arabia has lifted a 35-year ban on commercial theaters which could boost the development in the retail real estate sector.
• Saudi government has allowed 100.0% FDI in the retail sector which would encourage international brands to set their stores in the Kingdom.
• Increasing preference for online shopping would create a negative impact on the country’s offline retail market, thus hampering the retail real estate sector.

Riyadh retail market is further expected to showcase high growth on account of rising urban population and increasing affordability of consumers in Riyadh city. Traditional bakalas are shifting to supermarkets and hypermarkets and the trend is expected to gain pace in the future. The retailers are implementing omni-channel strategies that provide users with a unified experience across online and offline channels. In future, this strategy is expected to dominate within the retail market in Saudi Arabia.
Key upcoming retail projects such as Al Diriyah Festival City Mall, City Center Ishbiliyah, Mall of Saudi and others are also predicted to bring in multiple retail outlets in future. In addition to that, economic diversification away from the oil and gas sector under Saudi Vision 2030 is further expected to result in growth of all economic sectors, which could aid in generating more retail demand over the long term.
The Saudi Arabian retail real estate sector has been the keystone of government initiatives in the recent years. These include the release of regulations for the allowance of 100.0% FDI in retail sector and lifting of ban from cinemas. Moreover, government reforms including introduction of 5.0% VAT and implementation of Saudization policy are expected to boost the demand in the retail real estate sector. All these steps are expected to reduce the supply-demand gap in the future. However, growing preference for online shopping among consumers is expected to bring down the demand for the retail space in Riyadh. Shoppers in Riyadh have showcased a rising tendency of purchase of fashion products through online portals led by availability of price discounts, offerings of wide varieties of products. This tendency might create a negative impact on the Riyadh retail market.
Research Analysts at Ken Research in their latest publication “Riyadh Retail Market Outlook to 2023-Dominance of Online Shopping and Emergence of International Brands to Fuel Demand for Retail Space” believe that introducing a better tenant-mix, investment in entertainment sector, 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.

For more information on the research report, refer to below link:
https://www.kenresearch.com/manufacturing-and-construction/real-estate/riyadh-office-market-outlook/227541-97.html

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 – 2013-2018
• Forecast Period – 2019-2023

Riyadh Retail Malls Case Studies Covered:
• Pure Mall
• Al Oruba Square
• Canary Center
• Localizer Mall
• Granada Center
• Centria Mall

Key Topics Covered in the Report
• Overview of retail market
• Factors influencing Riyadh retail market
• Demand and supply assessment in Riyadh retail market
• Future market potential
• Market insight and performance
• Average rental rates for malls and restaurants
• Key upcoming malls in Riyadh
• Future trends in retail market
• Recommendations regarding success factors of retail market in Riyadh
• Key features and characteristics of retail space in Saudi Arabia
• Case studies of major retail centers in Riyadh
 Pure Mall
 Al Oruba Square
 Canary Center
 Localizer Mall
 Granada Center
 Centria Mall
• Competitive Analysis of case studies

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