Domestic demand recovery, robust consumer spending reinvigorates Saudi retail sector

Domestic demand recovery, robust consumer spending reinvigorates Saudi retail sector

In the first six months of the year, Saudi Arabia’s retail sector witnessed an increase in retail space and saw a strong recovery in domestic demand following the relaxation of COVID-19 restrictions.

With an addition of 55,000 sq. m. of gross leasable area (GLA), Riyadh’s total retail stock stood at 3.3 million sq. m., whereas Jeddah’s retail space increased by 16,000 sq. m. to 1.7 million sq. m and the figure for Makkah rose by 17,500 sq. m. to 1.4 million sq. m. in the first half of the year. The Dammam Metropolitan Area (DMA) was the only market with no notable completions recorded in the first half of 2022, leaving its retail stock unchanged at 1.2 million sq. m.

For the latest headlines, follow our Google News channel online or via the app.

“For the first time in two years after the easing of restrictions relating to the COVID-19 pandemic, the Kingdom is allowing over one million pilgrims to perform Hajj this month. Not only is this expected to provide a boost to Makkah’s retail sector, but it should also help the Kingdom to meet its target of tripling foreign visitors to 12 million this year. Overall, the higher number of visitors