Riyadh – Sharikat Mubasher: Saudi Arabia’s retail sector posted a strong performance in 2024, driven by a 7% rise in consumer spending to SAR 1.41 trillion and rapid e-commerce growth, according to Lara Owayda, Research Manager at Knight Frank MENA‏.

Speaking to Al Arabiya Business, Owayda noted that point-of-sale transactions jumped 9% to SAR 660 billion, while e-commerce soared 26% year-on-year, reaching nearly SAR 200 billion. She attributed the momentum to shifting consumer behavior, growing digital culture, and the influence of major development projects on shopping expectations.

Riyadh remains the country’s retail epicenter, accounting for 2.2 million sqm out of 4.9 million sqm of planned retail space nationwide. Landmark projects like Qiddiya, Riyadh Avenue, and Jawharat Al Riyadh are reshaping the market by blending entertainment, shopping, and lifestyle experiences.

Knight Frank’s latest report also revealed that average retail rents in Riyadh rose 4% year-on-year to SAR 2,848 per sqm, with occupancy rates climbing to 92%, up 5% from the previous year.