Commercial Head

Our client is a leading Mall / Real Estate Management Group with an excellent reputation across the region.

We are looking for an experienced Commercial Head to be based in Riyadh, Saudi Arabia.

Reporting to: Vice President – Operation

Role Purpose

• Commercial Head is Responsible To manage all leasing activities, including renewals, in respect of the Company’s strip mall portfolio with a view to maximizing rental income and improving the retail mix to enhance appeal to customers and ensure long-term profitability.
• Commercial Head is also responsible to identify and develop policy and procedures for efficient revenue collection, rental management, lease administration and the tenant relation function to establish and maintain best commercial practices and enhance standards of control.

Responsibilities

• Negotiate all renewals with a view to securing long-term leases with rent escalation over the period in line with agreed targets
• Recognize underperforming tenants and seek to replace whenever a new tenant would be more beneficial to both long-term revenue and mall appeal
• Identify new prospective tenants for all vacancies and conclude deals in line with target rates
• Generate new leasing leads and negotiate qualified deals from inception to final execution
• Understand and creatively make use mall performance data in negotiation to achieve best terms
• Proactively market the portfolio to achieve agreed occupancy targets for all malls
• Agree all “Heads of Terms” in writing with tenants and liaise with both Rental Management and Retail Delivery to ensure smooth lease processing and fit-out
• Collaborate with other Departments for the improvement of tenants’ performance and satisfaction
• Contribute to budgeting process to set ambitious but achievable targets in respect of revenue, occupancy, escalation, lease length etc.
• Monitor performance against budget and update forecasts as necessary
• Understand tenant business models and seek to secure sales data as part of the lease terms wherever possible
• Maintain a good knowledge of long-term market trends and ensure that Company identify opportunities with new brands and fast-developing sectors
• Develop and maintain productive relationships with both prospective and existing tenants
• Ensure renewals are completed well in advance of contract end date
• Establish roster of attractive potential tenants for all assets and ensure that vacancy periods are kept to a minimum
• Ensure that all lease deals are for a reasonable duration with appropriate provision foe escalation
• Oversee conduct of tenant survey program on semi-annual basis to identify tenant satisfaction and provide summary reports of tenant’s satisfaction levels along with recommendations for improvement
• Periodic meeting with major tenants, to keep and maintain best relationship with the Property Management in the Company.

Skills

• Solid understanding of lease administration and contract drafting
• Tenacious and hardworking with an open-minded approach; ability to be creative in negotiating lease terms to close deals to tenant satisfaction while meeting Company’s long-term goals in respect of revenue etc.
• Highly numerate and financially literate

ESSENTIAL REQUIREMENTS

• Bachelor’s degree of engineering / relevant degree
• Good leasing background with a minimum of 5 years Shopping Mall experience
• Strong KSA market knowledge and well-established relationships with local tenants in particular.
• Native Arabic and good English language skills
• Open to Arab national’s base in Saudi now

COMPENSATION AND BENEFITS

Salary is open and will reflect experience levels and interview performance and will be discussed at the later stage.

Benefits include

• Family Status Benefits

• 30 Vacation days per year

• Medical Insurance

• Yearly salary increments as per to the company policy

• 9 to 15 additional paid (National Holidays)
• 2 days off per week