Latest news with #Westfield-branded
Yahoo
14-05-2025
- Business
- Yahoo
Europe's last mall? Hamburg marks the end of an era as Westfield looks to Saudi Arabia for its next retail boom
Paris-based Unibail-Rodamco-Westfield (URW) — the shopping center powerhouse best known for its Westfield-branded malls — threw open the doors to its latest mall development last month. Nothing unusual about that, but as it made its debut, the question is whether it will be the last new ground-up mall in Europe, for URW or any of the other major developers. And hot on the heels of Hamburg, the company also announced a major deal to expand its brand in the Middle East's hottest market, Saudi Arabia. The sands of time certainly feel like they are moving eastwards. Indeed, gone are the days when property investors vied to snap up space for retail-led city center schemes or to construct out-of-town super-regionals because Europe is seemingly done when it comes to new shopping emporiums. Post-pandemic there have been few big developments: URW's own Mall of the Netherlands scheme in The Hague; the St James Quarter in Edinburgh, Scotland and the redevelopment of the iconic Battersea Power Station in London come to mind. But each of those had a rationale specific to its location. Instead, the most interesting deals over the past 12 months have seen Swedish furniture retailer IKEA's property arm acquiring centers in Brighton, Paris and Munich, while Norway's powerful sovereign wealth fund has been busy in the UK and bought out the remaining stake in Sheffield's huge Meadowhall development and upped its holdings in Covent Garden. Another property giant, Landsec, acquired LiverpoolOne, while US investor SVP bought Ireland's biggest mall, Blanchardstown, on the outskirts of Dublin. For its part, the 4.5-million-square-foot Westfield Hamburg-Überseequartier sits at the heart of the huge HafenCity urban redevelopment on the river Elbe in German port city Hamburg. It is the new, shiny centerpiece of a huge residential and office development that has helped redefine the city, and includes dining and leisure, apartment blocks, offices, three hotels and a new cruise terminal, all connected to the city via its own subway station. The shopping center opened at near capacity with a third of the 130 retailers taking space new to the city, plus an additional 40 food and beverage units. Around 85,000 people swarmed to the opening and more than 1 million visitors flocked to the center in its first two weeks. Although the German city authorities were keen for the mall to be open-air, URW argued that the winter climate made a covered center more practical and the two parties compromised on a two-level mall with large windows and skylights, plus an striking roof design and an emphasis on natural light. 'I believe our shopping centers have a very important role attracting people to regenerate surrounding areas,' URW Chief Strategy and Investment Officer Vincent Rouget said as he stressed that the mall has brought a vibrancy to the wider regeneration that was previously missing. 'Ambitious projects inevitably stretch over a very long time, while I think the pace of change is ever increasing. It's a project that started in 2014, more than 10 years ago, and we wouldn't conceive it in the same way today,' Rouget added, as he speculated that the next generation of the company's development program is more likely to focus on using its existing retail centers in Europe and the US as the catalysts for wider regeneration. URW still operates 15 malls in North America — despite at one point plotting to exit the country — including Westfield Century City in Los Angeles and Westfield World Trade Center in New York, and it has been selling off a number of assets in both Europe and the U.S. to fund investment in those malls it has retained. In a surprise move, it also signed a deal on May 5 with Cenomi Centers for a strategic and franchising partnership within Saudi Arabia. Under the terms of the 10-year partnership, which includes an option to extend for an additional 10 years, Cenomi Centers will exclusively license the Westfield brand from URW within the Saudi shopping center market. The deal sounds like a win-win for both parties. Cenomi Centers, listed on the Saudi Exchange as Arabian Centres Company SJSC, is a major regional owner, operator and developer of shopping centers, with an existing portfolio of 21 assets located in 10 major Saudi cities, and an ambitious development pipeline. The partnership will focus initially on flagship destinations in the three largest Saudi cities of Jawharat Jeddah, Jawharat Riyadh, and Nakheel Dammam, and will eventually include up to eight of Cenomi Centers' malls. But the opening of Hamburg and the deal in Saudi Arabia also suggest a wider story. The death of retail in Europe was wildly overstated amid the online hyperbole of the pandemic years, but retail development across the continent might be all but done. Europe's better malls are in good health, but there is little need for new retail space. Look east, however, and Saudi Arabia offers huge potential right now as the country's rulers attempt to shift its economy away from energy domination. URW has built perhaps the only globally recognized mall brand with Westfield—and as new mall development slows, the power of that brand only grows. 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Zawya
06-05-2025
- Business
- Zawya
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. (
Gulf Insider
05-05-2025
- Business
- Gulf Insider
Saudi Arabia To Get 'Westfield' Branded Shopping Centers
The 'Westfield' brand is coming to Saudi Arabia. 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'. 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'. '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,' said Tritant.
Gulf News
05-05-2025
- Business
- Gulf News
Saudi Arabia to get 'Westfield' branded shopping centers
Dubai: The 'Westfield' brand is coming to Saudi Arabia. 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'.
Saudi Gazette
05-05-2025
- Business
- Saudi Gazette
Cenomi Centers and Unibail-Rodamco-Westfield forge landmark partnership to shape future of retail real estate in KSA
• 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.
