Saudi: Cenomi Centers and Unibail-Rodamco-Westfield forge landmark partnership
• Strategic and franchising partnership announced between Cenomi Centers, the leading mall developer and operator in Saudi Arabia, and Unibail-Rodamco-Westfield (URW), owner, developer and operator of sustainable, high-quality flagship Westfield destinations in Europe and the US
• 10-year agreement, with an option to extend for an additional 10 years, covering exclusive licensing rights to the Westfield brand in KSA and access to URW's network, expertise and capabilities across key assets
• Partnership to enhance Cenomi Centers' market leadership; expanding its consumer and tenant base, elevating customer experience to global standards, unlocking new growth avenues, and improving sustainability and operational efficiencies
• Cenomi will continue to fully own and operate all of its assets, including those that will be undergoing rebranding.
• Contributes to the broader economic and development goals of the Kingdom while continuing the international expansion of the iconic Westfield brand
Cenomi Centers and Unibail-Rodamco-Westfield (URW) signed on Sunday, May 4, a 10-year exclusive strategic and franchising partnership agreement, with the option to extend for another 10 years, covering the Saudi Arabian shopping center market, demonstrating Cenomi Centers' unwavering commitment to strengthening its leadership position in KSA and the MENA region.
Under this partnership, Cenomi Centers will obtain the exclusive licensing rights to the Westfield brand in KSA from URW, and 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 and more, allowing Cenomi Centers' Westfield-branded malls to be top-of-mind destinations for consumers, tourists and brands, while boosting its market share.
Under the Westfield brand, and with URW's support, Cenomi Centers will offer Saudi residents and tourists the next generation of world-class shopping center experiences, boosting tourism and global engagement within the sector, acting as a powerful contributor to Vision 2030's objectives of enhancing quality of life, and opening the Kingdom to the world's global retail champions.
The partnership was signed in a ceremony at Jawharat Riyadh, which also celebrated the initial collaboration on three malls, Jawharat Riyadh, Jawharat Jeddah and Nakheel Dammam, which will be the first to be branded as Westfield centers. More details on these three malls and others will follow in the coming months, with the collaboration set to extend across up to eight of Cenomi Centers' portfolio of top malls.
Alison Rehill-Erguven, CEO of Cenomi Centers, said: 'We are thrilled to embark on this groundbreaking and exclusive partnership with URW, a global leader in the retail industry. 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. Together, we will cement our position as the leader in KSA by introducing exciting new growth and tenancy opportunities for many years to come.'
Jean-Marie Tritant, CEO of Unibail-Rodamco-Westfield, said: 'Cenomi Centers is an incredible partner that shares our vision for the future of retail. Its portfolio of flagship destinations matches the ambition of the Westfield brand, providing the perfect platform to deliver Westfield's unmatched experience to customers and visitors in the Kingdom while also supporting the brand's international expansion. We are tremendously proud of the partnership, and the opportunity to work with Cenomi Centers to contribute to the broader economic and development goals of the Kingdom.'
The partnership with URW is exclusive within the Kingdom and affirms Cenomi Centers' premier and well-established position in its home market, showing a vote of confidence in its growth trajectory over the coming years.
Key benefits include:
• Expanded consumer base: Westfield is one of the most recognizable global flagship mall brands, with over 900 million annual visits in the US and Europe. As the brand is highly known to and admired by Saudi consumers and KSA's increasing number of visitors, Cenomi Centers is able to significantly expand its customer base amongst Saudi citizens, residents and tourists.
• Enhanced tenant offerings: Access to URW's unparalleled tenant and partner relationships will help Cenomi Centers increase its share of key global anchor brands and first-to-KSA stores, creating a superior, increasingly differentiated offering, and encouraging higher footfall and tenant sales.
• World-class customer experience: URW's global experience and industry leadership will help Cenomi Centers significantly enhance its customer experience, tenant mix and offering to international best-in-class standards. Cenomi Centers will bring the latest digital technologies and journeys, including in-mall apps and services, to the Saudi consumer.
• New growth opportunities: The partnership will boost Cenomi Centers' financial performance in its existing and new developments, in both its core GLA business and also in digital media sales, leveraging the expertise and international reach of URW's Westfield Rise retail media agency. This partnership also sees Cenomi Centers and URW collaborating on 3rd party business opportunities serving the Kingdom's major retail and lifestyle developments.
• Sustainability and operational efficacies: Cenomi Centers will be able to significantly boost sustainability and operational efficiencies across its portfolio by leveraging best-in-class tools, systems and manuals in the management of its daily operations.
The partnership entails fixed and variable licensing and service fees for URW along with opportunities for the companies to further collaborate on business and licensing opportunities within KSA.
The partnership between Cenomi Centers and URW marks a pivotal moment in the evolution of retail and lifestyle in Saudi Arabia. By combining Cenomi Centers' unparalleled market leadership with URW's global expertise and the Westfield brand, this collaboration promises to redefine the shopping experience in the region.
© Copyright 2022 The Saudi Gazette. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).
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