Vision 2030 drives transformation of Saudi retail landscape

Saudi Arabia’s shopping mall sector is on an upward trajectory, bolstered by evolving consumer preferences and the ambitious Vision 2030 initiative, which aims to transform the Kingdom into a global business and tourism hub.

According to real estate consultancy Knight Frank, Riyadh is at the forefront of this retail evolution. The capital saw a 4 percent increase in mall rental prices over the past year, with average rents climbing to SR2,848 ($765) per square meter by the end of March. 

Mall occupancy in Riyadh also surged to 92 percent in Q1 2025, a 5 percent rise from the previous year. In line with these trends, approximately 2.2 million square meters of new retail space is planned across the Kingdom by 2030.

This growth reflects a shift in consumer behavior. Shoppers are increasingly drawn to malls not just for retail but for the broader “retailtainment” experience—a blend of shopping, dining, and entertainment that transforms malls into social and cultural centers.

As Vision 2030 continues to guide development efforts, shopping malls are expected to be a key pillar in shaping Saudi Arabia’s economic diversification and social modernization efforts.