{"id":97878,"date":"2025-06-16T00:00:00","date_gmt":"2025-06-16T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2025\/06\/16\/retail-market-rebounds-in-2024-knight-frank\/"},"modified":"2025-06-16T00:00:00","modified_gmt":"2025-06-16T00:00:00","slug":"retail-market-rebounds-in-2024-knight-frank","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2025\/06\/16\/retail-market-rebounds-in-2024-knight-frank\/","title":{"rendered":"Retail market rebounds in 2024 -Knight Frank"},"content":{"rendered":"

<\/strong>The Kingdom\u2019<\/strong>s retail market saw a strong recovery in 2024<\/strong>, with consumer spending increasing by 7% y-o-y to SAR 1.4 tn (USD 376 bn), according to Knight Frank\u2019s Spring 2025 Saudi Arabia Retail Market Overview (pdf)<\/a>.<\/p>\n

(** Tap or click the headline above to read this story with all of the links<\/strong> to our background and outside sources.)<\/p>\n

The drivers:<\/strong> Growth was spurred by a 9% rise in PoS transactions, reaching SAR 668 bn, while e-commerce activity increased 26% y-o-y, reaching SAR 197.4 bn, indicating a dynamic shift toward digital purchasing.<\/p>\n

Riyadh is leading the retail expansion<\/strong>, with the city\u2019s total retail supply space hitting 4 mn sqm in 1Q 2025, bolstered by major openings like the 65k sqm upscale Solitaire Riyadh. An additional 540k sqm of retail space is expected in 2025, projected to bring the total stock to 5.2 mn sqm by 2026 \u2014 a 20% increase in two years. The capital city has 2.2 mn sqm of planned retail developments by 2030, accounting for the largest share among 4.9 mn sqm of developments in the Kingdom\u2019s five largest cities.<\/p>\n

Driving the boom:<\/strong> Riyadh\u2019s retail boom, driven by population growth and rising disposable incomes, saw food and beverage lead the retail activity, representing 29.7% of all PoS transactions at SAR 198.6 bn. The city\u2019s retail boom is spurring developers to focus on experiential retail, with over half of new projects integrating entertainment zones, dining, and cinemas. This growth is also fueling luxury retail expansion as global brands up their presence in Riyadh, making omnichannel strategies vital due to e-commerce and digital payment growth.<\/p>\n

The retail boom is pushing rents up<\/strong>, with average rental rates increasing by 4% y-o-y over the year ending March 2025 to SAR 2.8k per sqm for regional and international malls. Meanwhile, occupancy rates climbed 5% y-o-y to 92% in 1Q 2025.<\/p>\n

Things are slower but steady in Jeddah and Dammam:<\/strong> Jeddah\u2019s retail market expanded by an additional 225k sqm of space in 2024, bringing the city\u2019s total retail stock to 2.9 mn sqm. Despite the new supply, rents in regional malls rose 2% y-o-y to SAR 2.5k per sqm, while occupancy rates inched down 1% y-o-y to 86%. Meanwhile, Dammam added 31k sqm of new supply in 2024, bringing its total retail space to 1.4 mn sqm. Occupancy in the city was steady at 90%, with slight rent increases in regional malls of 0.4% y-o-y to SAR 2.3k per sqm.<\/p>\n

Looking ahead:<\/strong> By 2026, Knight Frank expects Jeddah\u2019s retail footprint to grow by 245.5k sqm, while Dammam is projected to expand by 484.4k sqm, which could place downward pressure on rents and occupancy rates in the Dammam Metropolitan Area.<\/p>\n

Projects in the spotlight: <\/strong>Projects like Qiddiya, the Avenues Riyadh, and Jawharat Riyadh are expected to further transform the urban retail scene with lifestyle-focused spaces. Major destinations like Riyadh Park and Al Nakheel Mall continue to thrive due to strong tenant interest and foot traffic, enhanced by integrated entertainment options.<\/p>\n","protected":false},"excerpt":{"rendered":"

Spending reached USD 376 bn, with POS transactions rising 9% and e-commerce rising 26%<\/p>\n","protected":false},"author":1,"featured_media":97879,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2574],"tags":[10,106,211,2696],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-97878","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate","tag-enterpriseam-ksa","tag-real-estate","tag-retail","tag-riyadh","wpautop","entry"],"acf":{"mongo_id":"ebc0fa68-3384-4895-b40a-e8c88949bf2c","order":"7","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2025\/6\/788.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Retail market rebounds in 2024 -Knight Frank","related_issue":[97867],"teaser":"Spending reached USD 376 bn, with POS transactions rising 9% and e-commerce rising 26%","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/6\/.9f402b0e-10fa-4e7d-8b71-85db4198d038.mp3"},"yoast_head":"\nRetail market rebounds in 2024 -Knight Frank - 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