Savills Egypt, the local branch of the leading global real estate consultancy firm, has successfully concluded the second edition of Savills Retail Connect, Invest-Gate reports.

This event brought together over 100 industry leaders for a collaborative day of knowledge sharing, with a particular focus on navigating Egypt’s rapidly evolving retail landscape, which is currently experiencing a significant boom.

Savills Retail Connect served as a platform for attendees to explore the latest trends shaping the industry, with a specific emphasis on the rise of experiential retail. As consumers increasingly seek engaging experiences within physical stores, Egyptian retailers are embracing this trend to stand out in a crowded marketplace. Catesby Langer-Paget, Head of Savills Egypt, highlighted the importance of catering to Egypt’s youthful population, who value convenience and product diversity.

E-commerce’s continued growth and the convenience of online shopping platforms and digital payment methods were also key topics of discussion. Savills Retail Connect emphasized the need for omnichannel retailing, where retailers integrate digital and physical channels to create a seamless shopping journey that meets the evolving needs of consumers.

During the event, market data was presented, revealing a significant 24% y-o-y increase in rents across Greater Cairo. West Cairo experienced the highest rate of increase in the value of commercial rent, with a rise of approximately 30% compared to the same period last year. The average rental price in the area reached EGP 1,068 per commercial sqm.

East Cairo witnessed a 22% annual increase in rental prices, maintaining its position as the most in-demand area, with an average rental price of EGP 1,239 per commercial sqm. Downtown Cairo saw a 21% increase in average rental prices per commercial sqm, bringing the average rental price to EGP 1,092 per commercial sqm.

Discussions also addressed the growing popularity of local brands that cater to Egypt’s price-sensitive consumers. Philopateer Dimitri, Head of Commercial Agency at Savills Egypt, emphasized the importance of understanding the current dynamics of Egypt’s retail market and bridging the gap between the perspectives of retailers/operators and landlords. Additionally, the market must recognize the emerging trend of local authenticity and cultural relevance.