Cenomi - Comprehensive Analysis Report
Summary
Cenomi is a prominent Saudi Arabian retail and lifestyle company, formed from the integration of Cenomi Retail and Cenomi Centers under the Cenomi Group umbrella. Founded in 1990 as Fawaz Alhokair Group, its name signifies a customer-centric "new me" approach to retail. Cenomi Retail stands as Saudi Arabia's largest franchise retailer, managing 47 international and local brands across over 800 stores in 8 countries, alongside an extensive food and beverage portfolio. Cenomi Centers is a leading owner, operator, and developer of high-quality lifestyle shopping malls in Saudi Arabia, with 21 commercial centers covering 1.3 million square meters GLA. The company's vision is to be the most admired integrated omnichannel lifestyle retailer and the dominant developer of world-class retail and lifestyle destinations in the MENA region, emphasizing unparalleled scale, winning brands, and customer-centric experiences.
1. Strategic Focus & Objectives
Core Objectives
Cenomi's strategic core is centered on strengthening its market leadership and expanding its omnichannel capabilities. For Cenomi Retail, key objectives include achieving unmatched scale in Saudi Arabia, leading with high-performing brands, and transitioning from primarily an apparel retailer to a comprehensive multi-category lifestyle provider. The company aims to capitalize on digital opportunities through robust infrastructure and omnichannel expansion, ensuring profitable growth by investing in high-performing brands across existing and new markets. A leaner operating model and demonstrable financial improvement are also key aims.
Cenomi Centers focuses on creating world-class retail and lifestyle destinations that offer a blend of shared discovery, sophisticated design, diverse retail options, dining, entertainment, and social interaction. Both entities prioritize placing the customer at the center of their brand strategy, delivering innovative retail and lifestyle experiences. The company is actively pursuing asset-light expansion by managing centers under external landlord control, generating revenue through innovative management and operational agreements.
Specialization Areas
Cenomi Retail specializes in franchise retail across multiple categories including womenswear, menswear, children's and baby products, shoes, accessories, cosmetics, department stores, and an award-winning food and beverage portfolio. Cenomi Centers specializes in the ownership, operation, and development of high-quality lifestyle shopping malls, offering integrated leisure, shopping, entertainment, and dining options.
Target Markets
Cenomi's primary target markets are Saudi Arabia, the broader Middle East and North Africa (MENA) region, and the Commonwealth of Independent States (CIS) regions. Within Saudi Arabia, Cenomi Centers' properties strategically cover over 60% of the Kingdom's population across 10 major cities.
2. Financial Overview
Funding History
Cenomi Retail (Tadawul: 4240) is a publicly held company with a market capitalization of $497 million across 115 million shares as of February 25, 2026. It reported a trailing 12-month revenue of $1.33 billion as of September 30, 2025, with revenue for the period reported as $1.39 billion. Its operating segments include Fashion retail, Indoor entertainment, and Food & Beverage, with Fashion retail in Saudi Arabia being the primary revenue driver.
Cenomi Centers (Tadawul: 4321) is also publicly listed. It reported revenues of SAR 2.3 billion and S&P Global Ratings-adjusted EBITDA of SAR 1.3 billion for the last 12 months ending September 2024. As of September 30, 2024, the fair value of its investment properties was estimated at SAR 25.8 billion ($6.88 billion). In 2022, Cenomi Centers delivered net revenue of SAR 1.7 billion, an 11.1% increase year-on-year, and an EBITDA of SAR 1.1 billion, an 8.2% increase year-on-year. FAS Real Estate Co. LLC holds a 42% stake in Cenomi Centers as of early 2023, with Fawaz Al Hokair, Salman Al Hokair, and Abdulmajid Al Hokair also holding significant stakes.
3. Product Pipeline
Key Products/Services
Cenomi Retail:
International and Local Brands: A portfolio of 47 leading brands across womenswear, menswear, children's and baby products, shoes, accessories, cosmetics, and department stores. These brands are offered through a comprehensive network of over 800 stores.
Food & Beverage (F&B) Portfolio: An award-winning F&B segment comprising 261 restaurants and coffee shops, integrated into the overall retail experience.
E-commerce Platform: 20 active monobrand websites and the recently launched Cenomi.com e-commerce marketplace in 2023, supporting omnichannel expansion.
Loyalty Program: Cenomi Rewards, introduced in 2023, designed to enhance customer engagement and loyalty.
Cenomi Centers:
Shopping Malls and Commercial Centers: Ownership, operation, and development of 21 commercial centers and complexes, covering 1.3 million square meters of Gross Leasable Area (GLA). Iconic examples include Mall of Arabia in Jeddah, Mall of Dhahran, and Nakheel Mall in Riyadh. These centers offer integrated leisure, shopping, entertainment, and dining options tailored to modern consumer preferences.
Development Pipeline: As of early 2023, Cenomi Centers had 8 new malls in the pipeline, indicating ongoing expansion and investment in future retail and lifestyle destinations.
4. Technology & Innovation
Technology Stack
Cenomi leverages a robust digital infrastructure to enhance customer experiences and drive sales. The company utilizes Amazon Web Services (AWS) for cloud hosting, ensuring scalable and reliable operations. Amazon S3 is employed for efficient content delivery, supporting its extensive online presence. For content management, Contentful provides a flexible platform. Data-driven marketing strategies and personalized shopping experiences are powered by Google Tag Manager and Google Analytics, providing crucial insights into customer behavior. Complementing this, Cenomi Retail drives omnichannel expansion through its 20 active monobrand websites. The launch of Cenomi.com as a new e-commerce marketplace and Cenomi Rewards, its first official loyalty program, in 2023, further demonstrate its commitment to digital innovation and customer engagement.
5. Leadership & Management
Executive Team
Fawaz A. Alhokair: Chairman, Cenomi Group. Co-founded Fawaz Alhokair Group in 1990 with his brothers Salman and Abdulmajeed Alhokair. He has been a pivotal figure in driving innovation, diversity, and philanthropy within the Group, and has significantly contributed to empowering women in the Saudi Arabian workplace. His retail career started when he took over his father's menswear business, which ultimately led to the establishment of Cenomi Retail.
Salman Alhokair: Co-founder, Cenomi Group.
Abdulmajid Alhokair: Co-founder, Cenomi Group.
Recent Leadership Changes
In late 2022, the Fawaz Alhokair Group, along with its operating companies Arabian Centers and Fawaz Alhokair Fashion Retail Co., underwent a significant rebranding. All operations were unified under the single brand identity of Cenomi. As part of this organizational shift, Arabian Centers became Cenomi Centers, and Fawaz Alhokair Fashion Retail Co. was renamed Cenomi Retail. This change signifies a strategic move to streamline branding and consolidate its strong market position and amplified vision.
6. Talent and Growth Indicators
Hiring Trends and Workforce
Cenomi Group globally employs over 10,000 team members, with Cenomi Retail specifically operating with a workforce exceeding 6,000 employees. The company's strategic focus on becoming a leading integrated omnichannel lifestyle retailer and extensive operational scale, encompassing over 800 stores and 165 shopping malls, necessitates continuous talent acquisition across diverse functions. Current hiring patterns reflect the need for expertise to support digital transformation, expansion initiatives, and the ongoing transformation program that aims to strengthen "Champion Brands" and rationalize its brand portfolio. This strategic recalibration likely involves both reallocation of existing talent and recruitment of new skills aligned with these shifts. Key roles being sought are in areas related to digital commerce, brand management, data analytics, and operational excellence to support its growth trajectory and enhance customer experiences.
7. Social Media Presence and Engagement
Digital Footprint
Cenomi, through its primary entities Cenomi Retail and Cenomi Centers, maintains an active presence across professional and public social media platforms. The company's digital messaging consistently emphasizes its customer-first approach, the delivery of new retail and lifestyle experiences, and its extensive portfolio of international brands. Social media channels are utilized to communicate significant initiatives such as the launch of its e-commerce marketplace, Cenomi.com, and its loyalty program, Cenomi Rewards, which are designed to foster community engagement and bolster customer loyalty.
Cenomi Retail LinkedIn: [https://www.linkedin.com/company/cenomi-retail/](https://www.linkedin.com/company/cenomi-retail/)
* Cenomi Centers LinkedIn: [https://www.linkedin.com/company/cenomi-centers/](https://www.linkedin.com/company/cenomi-centers/)
8. Recognition and Awards
Industry Recognition
Cenomi Retail's food and beverage portfolio has received industry accolades, being recognized as "award-winning." Cenomi Centers holds a leading position as the owner, developer, and operator of lifestyle shopping centers in Saudi Arabia, with a track record spanning over two decades. The rebranding to "Cenomi" in late 2022 was a strategic move that unified its market position and amplified its vision within the Kingdom and beyond. S&P Global Ratings assigned a 'BB-' long-term issuer credit rating to Arabian Centres Co. (now Cenomi Centers) in December 2024, affirming its strong business risk profile, which is underpinned by its leading market position.
9. Competitive Analysis
Major Competitors
Cenomi operates within a dynamic and competitive retail and mall development landscape. For Cenomi Retail, key competitors include other large franchise retailers and fashion groups that introduce international brands into the Saudi Arabian market and the broader MENA/CIS regions. These competitors vie for exclusive brand partnerships and market share across various retail categories.
For Cenomi Centers, direct competition comes from other developers and operators of shopping malls and lifestyle destinations within Saudi Arabia. The competitive environment is characterized by a drive for prime retail locations, innovative retail concepts, and superior customer experiences, encompassing both physical establishments and digital integration. Competitors are constantly introducing new leisure, dining, and entertainment offerings to attract foot traffic and secure tenancies.
10. Market Analysis
Market Overview
The Saudi Arabian retail market is undergoing rapid evolution and experiencing accelerating growth, primarily driven by the fundamental structural changes initiated by Vision 2030. This national strategic framework has significantly boosted activity across major economic sectors, including retail, tourism, and real estate development. Cenomi Centers holds a leading market position as an owner and operator of shopping malls in Saudi Arabia, commanding an estimated 18% market share in major cities as of January 2023. The company benefits from its 22 strategically located assets, which provide coverage to approximately 80% of the Saudi population.
The market currently demands a diverse retail unit mix, necessitating a broad array of international and local retail, food and beverage, and entertainment brands. Consumer preferences are increasingly shifting towards integrated omnichannel experiences, which seamlessly blend physical shopping with online platforms. This trend drives the need for retailers and mall operators to offer both robust physical presence and sophisticated digital capabilities to meet evolving customer expectations.
11. Strategic Partnerships
Cenomi Retail's business model is fundamentally structured around strategic partnerships with international brands, positioning the company as Saudi Arabia's pioneering partner for bringing premium global names to the region. Its portfolio currently encompasses 47 leading international brands across various categories. The company's transformation program is actively focusing on strengthening its "Champion Brands," indicating a strategic approach to nurturing and expanding its most successful partnerships.
A significant development in Cenomi Retail's partnership landscape is the completion of Al-Futtaim Retail's acquisition of a 49.95% stake. This strategic investment is anticipated to bolster Cenomi Retail's growth prospects and strengthen its balance sheet. Cenomi Centers also engages in collaborations with various local and international retail brands, offering them a platform to expand or deepen their market presence within Saudi Arabia. Its dominant market position and competitive advantages make it a preferred partner for brands seeking to enter or grow within the Saudi market.
12. Operational Insights
Cenomi's operational strategy is distinguished by its multi-format, multi-market approach, underpinned by its market-leading scale and a highly focused portfolio of Tier 1 Champion Brands. Cenomi Retail operates 589 stores across Saudi Arabia, providing extensive reach and market presence across diverse sectors including fashion retail, food and beverage, and e-commerce. The company is actively implementing a transformation program aimed at divesting non-strategic brands and reinforcing its champion brands, in pursuit of a leaner and more operationally efficient model.
Cenomi Centers' operations revolve around owning and managing 21 commercial centers, strategically positioned to serve a significant segment of Saudi Arabia's population. Their competitive advantages stem from a leading market share, strategically located assets, and an integrated offering that combines retail, dining, and entertainment facilities. Operationally, the company prioritizes maintaining a strong liquidity position and phased capital expenditures to ensure long-term financial flexibility and sustainable growth.
13. Future Outlook
Strategic Roadmap
Cenomi is strategically positioned to capitalize on opportunities within the accelerating regional retail landscape. The strategic roadmap for Cenomi Retail focuses on reaffirming its leadership in Saudi Arabia, expanding its footprint across the MENA and CIS regions, and leading with its portfolio of winning brands. The company aims to evolve into a multi-category lifestyle champion, further leveraging its online channels to deliver a comprehensive omnichannel experience. This commitment to delivering sustainable value is supported by a balanced multi-format, multi-market strategy.
Cenomi Centers has ambitious expansion plans, including 8 new malls in its pipeline as of early 2023, underscoring its commitment to developing future retail and lifestyle destinations in Saudi Arabia. The recent launch of the Cenomi.com e-commerce marketplace and the Cenomi Rewards loyalty program signifies a strong strategic move towards creating a complete omnichannel ecosystem. These initiatives highlight Cenomi's dedication to innovation and customer-centric growth in the dynamic retail and lifestyle market. The significant stake acquired by Al-Futtaim Retail in Cenomi Retail is expected to further enhance growth prospects and support future strategic initiatives.
