Riyadh retailers upbeat despite softer property market: JLL report

Author: ARAB NEWSFri, 2017-07-21 14:32ID: 1500626078864368200
DUBAI: Riyadh retailers remained upbeat and continued with their expansion plans during the second quarter amid an overall weakness in the real estate market, property consultancy JLL said.
“Retail sector shopping center owners remain positive and continued with expansion plans, with a sharp focus on ‘shoppertainment’,” JLL’s Riyadh Real Estate Market report noted.
“While some owners are looking to encourage their tenants to operate cinemas for children, others are enhancing common areas within malls as a way of attracting greater footfall.”
More than a dozen malls have announced events to celebrate the 2017 Riyadh Shopping and Entertainment Festival in July to attract visitors.
Among the retailers who are expanding operations include Manoushah Street and Al Rajhi Group, with plans for new 25 fast food branches in Riyadh, and Jarir Bookstore, which is also expanding its footprint in the city. Saudi Company for Hardware recently opened a 9,600-square-meter branch.
On the retail supply side, the 92,000-square-meter Riyadh Park and 55,000-square-meter Rowaished Grand Mall were the most notable completions in the second quarter, adding to the nearly 1.7 million total mall retail stock now available for Riyadh. UAE-based mall and leisure operator Majid Al Futtaim is expected to lease space in Riyadh Park for the first Magic Planet family entertainment center in the Kingdom.
Some smaller projects were also completed during the period: the Veranda F&B, Al Rawabi Plaza, Al Badiah Plaza in Al-Uraija, Levels and Ghirnata Square.
Looking forward, major projects such as the Information Technology Communications Complex’s 50,000-square-meter retail portion and the 72,000-square-meter Qurtoba Boulevard are scheduled for completion by the end of 2017.
JLL recently announced the appointment of Ibrahim Albuloushi as its new national director and country head for Saudi Arabia.
Main category: Business & EconomyTags: Saudi ArabiaRiyadhpropertyretailrelated_nodes: Riyadh property market set to develop stronglyOrganizers upbeat about Riyadh Shopping FestivalCayan Group to develop Riyadh property project

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