JEDDAH, KSA: Arabian Centres Company announced the opening of Jeddah Park centre located on Prince Muhammad Bin Abdulaziz Road in Jeddah on Thursday 09th September 2021, to be the 22nd centre in the company’s portfolio.
The centre has a GLA of 126.5k square meters, and it contains over 350 commercial units that include the finest international and local brands in the fields of fashion, cosmetics, food and beverages.
It is worth noting that Arabian Centres Company will lease, manage, operate and carry on maintenance works of the centre pursuant to the Management & Operation agreement signed with the centre’s owner announced on Saudi Exchange website on 25 October 2020, to be in line with the Company’s strategy of utilizing an asset light model that will contribute to enhancing the Company’s financial flexibility in order to expand its operations.
The financial impact of this centre will appear on the Company’s financial statements starting from Q2-FY2022 (ending on 30 September 2021).
Arabian Centres Company (ACC) is Saudi Arabia’s leading owner and operator of shopping malls.
Arabian Centres Company (ACC) owns, operates and manages 21 commercial centres and complexes located strategically throughout 10 cities in the Kingdom. With a total GLA of nearly 1.2 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.
ACC’s premium tenant mix allows it to offer a shopping experience of the highest quality, with brands such as Zara, Debenhams, H&M, Virgin Megastores, Panda and IKEA all making their homes at the Company’s malls.
Since establishment in 2005, ACC has effectively leveraged shopping malls’ growing popularity as integrated leisure destinations. The Company’s malls offer a wide array of entertainment concepts, as well as calibrated selections of mid- and high-end dining and beverage options.
Along with a retail offering that blends comprehensiveness and exclusivity, the large-scale provision of such ‘lifestyle’ options affords ACC exposure to a wide cross-section of Saudi Arabia’s young and growing consumer base.
More than 108.5 million visits were made to the Company’s malls in 2018, with a footfall CAGR of 9.7% between 2014 and 2018, testament to its successful adoption of the ‘lifestyle destination’ paradigm.
As at year-end 2018, ACC enjoyed a market share of 14% in the Saudi retail mall space, more than double the share of its nearest competitor. In the Riyadh and Jeddah Metropolitan Areas, home to 60% of the Kingdom’s population, ACC held market shares of 11% and 28%, respectively. Unmatched scale and local positioning make ACC’s facilities the destinations of choice for retailers seeking to penetrate or expand their presence in the Saudi market.
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