Saudi Arabia to get 'Westfield' branded shopping centers
Westfield branded shopping centers are hugely popular in Europe and the US, and this is what Saudi shoppers will soon be getting.
It follows a partnership between Saudi entity Cenomi Centers and Unibail-Rodamco-Westfield (URW) under a 10-year exclusive franchising partnership agreement. There is an option to extend for another 10 years.
Under this, Cenomi Centers will obtain the exclusive licensing rights to the Westfield brand in Saudi Arabia from URW.
It will 'tap into URW's best-in-class network and capabilities across a full range of support in key areas including leasing, operations, marketing, retail media'.
The Cenomi Centers' Westfield-branded malls will be 'top-of-mind destinations for consumers, tourists and brands'.
Three malls - Jawharat Riyadh, Jawharat Jeddah and Nakheel Dammam - will be the first to be branded as Westfield centers in Saudi Arabia
The collaboration will extend 'across up to eight of Cenomi Centers' portfolio of top malls'.
Saudi Arabia's retail sector has been creating new destinations, and with no scarcity of ever bigger malls packed with the latest in shopping and leisure options. Older facilities have also been put through makeovers, to be in step with what shoppers of today need.
"This collaboration not only solidifies our position as the leading owner, operator and developer of contemporary lifestyle centers in Saudi Arabia, but also aligns with the Kingdom's broader goals for economic growth and development in both the sector and region," said Alison Rehill-Erguven, CEO, Cenomi Centers.
"Together, we will cement our position as the leader in KSA by introducing exciting new growth and tenancy opportunities for many years to come.'
The partnership also allows for fixed and variable licensing and service fees for URW. There will also be other opportunities for the two to 'collaborate on business and licensing opportunities within KSA'.
Westfield's track record
The retail entity started operations in Australia back in the 1960s and in 2014 split into two entities - Scentre, which oversees the Australia and New Zealand side of things and Westfield Corporation, which manages all other regions.
Cenomi's 'portfolio of flagship destinations matches the ambition of the Westfield brand', said Jean-Marie Tritant, CEO, Unibail-Rodamco-Westfield.
The deal also supports the 'brand's international expansion'.
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