• Cenomi Centers sees total Like-for-Like occupancy rise to 92.9% at the close of 2023
  • Cenomi Centers’ milestone footfall and occupancy rates are testament to the company’s focused strategy and quality of assets

Kingdom of Saudi Arabia: Cenomi Centers, the largest owner, operator and developer of contemporary lifestyle centers in Saudi Arabia, is delighted to announce an outstanding increase in occupancy and footfall in 2023.

Footfall during 2023 soared to a staggering 124 million customers across the company’s 22 lifestyle centers, all strategically located in 10 major Saudi cities. The impressive increase marks a 19% rise in footfall year-on-year and eclipses the pre-covid level of 114 million reached in 2019. With this new record, Cenomi Centers cements its leadership as the go-to destination for Saudi shoppers.

Like-for-like Occupancy rose from 90.3% on September 30 to close the year at a strong 92.9%, reflecting solid demand from brands looking to expand their presence in the Kingdom. The sharp rise marks a 2.6% increase sequentially, and demonstrates the quality of the company’s tenant relationships and the success of its proactive strategy to optimize category mix and tenant quality.

As occupancy rates rebounded strongly, retailers are seeing the distinct value in partnering with Cenomi Centers as the largest and most distinguished owner of retail and lifestyle centers in the country. In recent months, several high-profile names have partnered with Cenomi Centers to open new stores. In 2023 the company onboarded 63 new brands to its Centers, 30% of which were regional or international, while further deepening relationships with existing tenants launching new concepts. Among these, Samsonite, Dyson, Lulu Hypermarket and the first Starbucks Reserve in Jeddah in Jeddah Park.

While like-for-like footfall and occupancy levels in the core portfolio show strong performance, more recently opened Centers are delivering exceptional momentum. The View Mall which opened its doors to visitors in Q4 2021 has outperformed the typical three-year stabilization curve and has already achieved an impressive 94.4% at the two-year mark.

Moreover, U Walk Jeddah, which soft-opened on December 15, 2023, is redefining Jeddah’s retail landscape, U Walk Jeddah is set to be the city’s premier lifestyle destination for shopping, dining and entertainment. Bringing together a range of eateries and leading brands, the hybrid mall features an indoor retail boulevard, its own leisure district and a nearly 2km-long, open-air promenade with landscaped gardens, shaded terraces and a dancing fountain. U Walk Jeddah is generating high levels of interest from potential tenants and is nearly 80% pre-let as it gears up for its grand opening later this quarter.

Alison Rehill-Erguven, CEO of Cenomi Centers, says: “The interest from brands looking to enter and expand in Saudi Arabia is unprecedented, reflective of the huge potential that the KSA market has to offer.

“Today’s footfall and landmark occupancy rates are testament to the trust consumers and retailers place in Cenomi Centers as the go-to operator and developer of shopping malls and life-style destinations in Saudi Arabia.  

“We are hugely excited to have ended the year with such strong results, and we look forward to seeing Cenomi Centers continue to build on this track record and develop a number of next-generation retail and lifestyle assets in Saudi Arabia.”

About Cenomi Centers:

Cenomi Centers is the leading owner, operator and developer of contemporary lifestyle centers in Saudi Arabia. For over two decades, the company has provided customers with a complete range of high-quality lifestyle centers up to international standards, located in the most attractive areas of the country to satisfy all shopping needs and market requirements.

Today, Cenomi Centers has a portfolio of 22 assets, with more than 5,000 stores strategically located in 10 major Saudi cities. The Company’s developments include several iconic lifestyle centers, such as Mall of Arabia Jeddah, Mall of Dhahran, and Nakheel Mall Riyadh, a consumers' favorite in Riyadh. With a total GLA of nearly 1.4 million square meters, the company’s malls provide Saudi shoppers with their preferred point of access to the full range of international, regional and local retail brands. For more information about Cenomi Centers, please visit www.cenomicenters.com.