Fawaz Alhokair Group has announced plans to launch its own e-marketplace in the first half of 2023.
Saudi Arabia's largest retailer Fawaz Alhokair Group, which operates Arabian Centres malls, has announced plans to launch its own e-marketplace in the first half of 2023. The project will be developed under the new Cenomi brand.
The company is following a new omni-channel strategy as more and more consumers combine online and physical shopping. Next year, Arabian Centres will rebrand itself as Cenomi Centers and its Alhokair Fashion Retail Co division will become Cenomi Retail.
The statement noted that with the launch of its own marketplace, the retail giant will give third-party brands "the opportunity to offer Saudi shoppers the best choice and convenience when shopping online."
The new Cenomi platform will be one of Amazon and Noon's main competitors in the Saudi market. The new name is formed from Ceno - "new" in Greek - and Mi - "I."
The group is also currently working on eight new shopping centers with a combined area of about 6,450,000 square meters. Their commissioning is scheduled for 2023-2026. Cenomi's expansion comes against a backdrop of urban growth and rapid retail development in the country. According to the latest data, 91% of consumers shop online.