Thursday, September 21, 2017

Red Sea Mall undergoes $53m expansion

Red Sea Mall, a leading shopping destination in Jeddah, Saudi Arabia is currently in progress of completing its $53.3 million expansion, a report said.

The largest mall expansion in Saudi Arabia will see the addition of more international brands and entertainment facilities, added Saudi Gazette.

 “We consider the mall’s expansion essential to the Red Sea Markets Co. and to the local community, and we are contributing to the local economy and other industries and sectors by catering to the rising demands for commercial rental space,” said Aidaros Albar, executive board member of Red Sea Markets Company, the owning company of Red Sea Mall and chairman of Shopping Centers Committee Jeddah Chamber of Commerce and Industry.

"There is a vast request for commercial rental space at Red Sea Mall. We have seen that across the past years and so far we have a long waiting list of potential tenants, and this list increases on average by 8 per cent annually. Having this in mind, the decision has been taken and the expansion process is already streaming,” added Albar.

The Red Sea Mall expansion will add around 145,000 sq m of Gross Leasable Area (GLA), including a 4,000 sq m open space that will showcase premier international brands as well as a variety of restaurants. In addition, the expansion includes a new parking structure with 1,400 extra parking spaces for enhanced visitor comfort and convenience.

“It is well noted that Jeddah is expecting to welcome more than 50 thousand visitors daily especially through shopping malls with a projected total of 1.5 million visitors and tourists. This will generate an average of SR2 billion ($544 million) in spending in Jeddah,” said Albar.

 “Last year Saudi Arabia increased its retail sales by 6.4 per cent reaching up to SR361.14 billion, according to AT Kearney’s Global Retail Development Index, and total retail space increased by 5.6 per cent, totalling up to 2.1 million sq m. Accordingly, we are expecting an increase of 3 to 4 per cent at least throughout the year; due to the vast contributions by shopping centers, in addition to the diverse events and entertainment activities,” he added.

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