Vol 1 Issue 1

TUESDAY, NOVEMBER 07

SAUDI ARABIA
THE NEW REALM OF RETAIL
“Our target is to have Riyadh become one of the top 10 largest city economies in the world”
Crown Prince Mohammed bin Salman
Crown Prince Mohammed bin Salman set out the objectives for Saudi in January 2021 by explaining the rationale for doubling the size of Riyadh. “85% of the world economy comes from cities, and in the next few years, this number will increase to 95%. Today Riyadh is ranked among the top 40 largest city economies worldwide. Our target is to increase its population from 7.5 million to around 15-20 million in 2030,” he mentioned. Saudi’s growth curve is only getting robust under his guidance and vision, which is pushing the economy to embrace new possibilities at every turn.
ALSHAYA GROUP OPENED ITS 400th STARBUCKS STORE IN SAUDI ARABIA THIS JULY
Saudi Arabia is a key growth market for the chain, and one where it has invested heavily in line with the Saudi Vision 2030 – a government framework seeking to diversify Saudi Arabia’s economy, promote the Kingdom’s tourism and hospitality industries and improve employment opportunities for women.
left_double_quotation
With 90% of our revenues coming from key countries like Saudi Arabia, Turkey, the UAE and Kuwait, our journey in the region continues to flourish. Notably, in markets like KSA we’ve seen expanding presence of Starbucks amid healthy competition. The plan is to open 250 outlets annually, aiming for 3,000 outlets in the next five years from the current 2,000.
John Hadden, CEO, Alshaya Group recently highlighted at the Middle East Retail Forum 2023
SPINNEYS IS ALL SET TO ENTER KSA IN 2024
Revenue in the food market in the region amounts to US$59.61bn in 2023. The market is expected to grow annually by 4.00% (CAGR 2023-2028).
left_double_quotation
As Spinneys approaches a century of operations in the region by 2024, we’re excited about our 60-year history in the UAE and our upcoming entry into the Saudi Arabian market, beginning in Riyadh in 2024. While we’re starting from scratch, we’re determined to build our presence, aiming to make a significant impact in the KSA market over the next 5-10 years.
Sunil Kumar, CEO, Spinneys recently highlighted at the Middle East Retail Forum 2023
Cenomi Retail, the leading brand partner in Saudi Arabia, has announced the opening of the first Fnac flagship store in Saudi Arabia. To be located in Nakheel Mall, Dammam, the store will be a premium retail destination, offering a cultural hub for multimedia, electronics, gaming, lifestyle and household products.
Majid Al Futtaim launched its first Carrefour store in Ha’il City, situated in the northern region of the Kingdom. This brings the total number of Carrefour stores in Saudi Arabia to 24.
Panda Retail announces the reopening of 47 stores in KSA. 5 of the prominent ones already opened are the Al Rashid Mall Jizan, Abo Arish Mall, King Faisal Street, Hinawi Dist New airport Jizan branch, Sabea Mall King Abdul Aziz road- branch, Ahad Al Masarha, King Abdullah Road branch.
Social Spaces adjective
/ˈsəʊʃl speɪsɪzˈ/
Shopping centres have transformed to becoming a community space. Here, customers spend more time socially as compared to just coming for shopping. That’s why they are better referred to as social spaces.
Download Images RetailME Magazine