The region of Riyadh is positioned in the central part of the Saudi Arabia and the Arabian Peninsula as an entire and is in the eastern area of Najd. The region has observed unparalleled growth in the populace, as among 1930 and the early 21st century the populace has augmented from 27,000 to over 6.5 million. Not only has this, Riyadh has a young populace with more than half of residents under the oldness of 20 years and less than one-fifth being older than 60.
Additionally, based on the supply and demand assessment, the retail market in Riyadh has observed oversupply of retail space during the reviewed period. Nonetheless, the requirement has although decreased from last year principally owing to the acceptance of VAT by the government. There has been superfluity in terms of retail units within the region owing to the checking in economic growth generated by the decrease in oil prices. In coming years, with employment of Saudization policy by the government, an effective augment in number of cinemas and several other factors, it is estimated that the supply-requirement gap will reduce in the retail market in Riyadh.
The enlivening ban from cinemas in Saudi Arabia has happening doors for investment in the entertainment segment, thus shimmering a wide potential in the requirement for the retail segment in Riyadh region. The Central economy was witnesses as the maximum eye catching field for the establishment of retail projects due to the quality infrastructure, high populace, financial districts and good quality connections with other economies. Some of the several other foremost aspects determining the Riyadh retail market involve growth in retail spending, acceptance of VAT, tourism, populace and demographics, increasing disposable income, emerging supermarkets and hypermarkets, inflow of international brands, relaxation of investment regulation, tenant mix and climate circumstances.
Over the recent past years, the background of the Riyadh’s retail sector has malformed from the unadventurous market place encompassing unorganized independent stores and workshops to organized large-scale shopping malls and hypermarkets that house the principal global brands. The retail sector in Riyadh is now exceedingly competitive. in addition, the provided the disjointed nature of Riyadh’s retail sector and increasing the popularity of organized retail, amalgamation is likely with superior players rising the inorganically to apprehension the market share. These players keep modernizing on strategies like product distinction, price-related suggestions along with engaging the mall characteristically in the minds of patrons through the numerous entertainment packages like enjoyment parks and food courts.
Sideways, after observing a growth for the last four years, the requirement for the retail space in Riyadh observed a reduce in the recent past year due to the principally introduction of VAT united with the several other factors such as increasing e-commerce retail. Among the different mall groupings, super-regional malls have the uppermost occupancy rate in 2018, followed by the regional malls and community centers. Average rentals rates have also decreased over the last years shimmering the decrease in requirement. With the fresh improvements kicking in, the retail market will observe an increase in the coming years. Therefore, in the coming years, it is estimated that the retail market in Riyadh will increase more positively over the coming years.
Key Segments Covered:-
Type of Malls
Community Center Malls
Key Target Audience:-
Retail Project Developers
Third Party Real Estate Companies
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:-
Al Oruba Square
Riyadh Retail Industry
Retail Market In Riyadh
Riyadh Retail Market Growth
Riyadh Retail Market Future Outlook
Riyadh Retail Market Revenue
Riyadh Retail Real Estate Market
Market Retailers in Riyadh
Retail Development in Riyadh
Retail Rental Market Prices Riyadh
Number of Bakalas in Riyadh
Retail Overview in GCC
Riyadh Retail Restaurants Rental Prices
Restaurant Spaces in Malls Riyadh
Number of Restaurants in Riyadh
Store Based Retailing in Riyadh
For more information on the research report, refer to below link:-
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Ankur Gupta, Head Marketing & Communications