- Evolving customer preferences will allow for new mixed-use and entertainment-focused offerings giving shoppers a richer and more personalized experience
- Planned new entries devoting 50 percent of space to entertainment
- RLC to convene regional and global industry leaders in Riyadh 7 – 8 March 2023
- Strategic discussions to include ‘Purpose-Driven Experiences’
5 February 2023 – Riyadh, KSA – The rapid pace of retail development in Saudi Arabia creates opportunities for international and regional developers to invest in digitally-enabled, immersive mall experiences to attract consumers and retain loyalty.
The integration of digital experiences with physical stores in the Kingdom will be a central theme at the 9th Retail Leaders Circle (RLC) MENA Summit. The Summit, the most important strategic forum for the MENA retail sector, takes place in Riyadh next month. Policymakers and thought leaders will gather from 7 – 8 March to discuss how increased investment can drive positive change in the industry.
Cenomi Centers, the country’s largest owner, developer and operator of retail and lifestyle destinations, is adding 728,000 square meters of gross leasable area (GLA) with seven new developments in the pipeline, including three new flagship projects – Jawharat Riyadh, Jeddah and Al-Khobar.
Elsewhere in the Kingdom, mixed-use developments like Majid Al Futtaim Group’s Mall of Saudi are bringing new integrated lifestyle options to the country. Upon completion, the Mall of Saudi will feature around 700 retail units, 100 F&B outlets, 182,000 sqm of office space, 1,800 homes, 2,000 hotel keys and 29,700 sqm of leisure & entertainment.
The Avenues – Riyadh, a project being developed on an area of 1.8 million sqm by Shomoul holding, a joint venture between Mabanee Company of Kuwait, Al Fozan Holding, and Alshaya Group, is expected to become one of the largest commercial malls in the Middle East with a gross leasable area of 400,000 sqm.
“Saudi’s existing malls should be preparing now for the hyper-competitive landscape that these next-generation developments will usher in. Changing consumer preferences and the continued rise of e-commerce make it imperative for malls to integrate digital technologies, immersive experiences and rich entertainment offers to their mix” says Panos Linardos, Chairman of the Retail Leaders Circle.
The RLC MENA Summit will address the challenge of creating purpose-driven experiences as part of the overall theme of ‘Digital Economy and Purposeful Growth.’
The Summit’s lineup of more than 80 speakers includes: Olayan AlWetaid, Group CEO of stc; Mohamad Mourad, managing director and CEO of Cenomi Group; Ahmed Galal Ismail, CEO of the Majid Al Futtaim – Holding; John Hadden, CEO of the Alshaya Group; Patrick Chalhoub, Group President of the Chalhoub Group; Renuka Jagtiani, Chairwoman of the Landmark Group; Faraz Khalid, CEO of noon; Amin Magrabi, Executive Chairman of the MAGRABi Retail Group; Nisreen Shocair, CEO of Virgin Mobile MEA; Matthew Shay, President and CEO of the National Retail Federation, USA; Zia Daniell Wigder, Chief Content Officer of Insider Intelligence, USA and; Michael Ward, Managing Director of Harrods, UK.
“Saudi Arabia’s evolving retail sector is a huge opportunity for domestic and international investors. However, the nation’s sophisticated and demanding consumers make it imperative for existing retailers to reimagine and upgrade their offer to avoid the risk of obsolescence,” said Panos Linardos.
“The ninth Retail Leaders Circle significantly supports the Kingdom’s efforts to build a new model of extraordinary retail and commerce experiences within a digital, inclusive and sustainable ecosystem.”
About Retail Leaders Circle:
Retail Leaders Circle (RLC) is an international platform with more than 7,000 global members, powered by the New York Institute of Management, for expert-led debate between CEOs, industry innovators, and influencers with the power to shape the future of the retail agenda. RLC is focused on inspiring leaders to think collectively and creatively about disruptive intersections between industry and innovation, with the ultimate goal of promoting and catalyzing growth development and partnership
