Jobs at Neom in Saudi Arabia

OVERVIEW

Position

Retail Director

Job Code

Reports to

Proponent Executive Director

Direct Reports

Retail Managers

Division

"NEOM Islands" Proponent

Department

Role Purpose

The Retail Director is responsible for executing and managing the retail strategy against all assets to be developed on NEOM Islands with particular emphasis on maximizing return on invested capital. In addition, full responsibility for operating profitability where applicable for franchise and NEOM direct owned stores, including management of cashflow, commercial negotiation with brands and procurement of merchandise through close coordination with both NEOM Finance and NEOM procurement.

The Retail Director shall lead, direct and manage the development of retail strategies by undertaking detailed market assessments, socio economic value creation strategies, phasing assessments, marketing strategies and establishing detailed business plans and financial models that provide solid investment returns. Close collaboration with NEOM Islands Development teams are required to identify the best retail mix and categories per Island (quantum, mix, quality, price points, etc.) and to achieve synergy and cohesion with all NEOM islands retail offerings.

The Development Director shall also collaborate with leaders across the different sectors and departments to establish and deliver retail excellence with the objective to elevate the quality of the merchandise offering, to provide consumers with a uniquely curated NEOM retail vision that is complementary across all the NEOM islands and sectors.

In addition, more specific roles include engagement with target retail tenants, both directly and through third parties as necessary, to:

1) Support development the Assets Brief and ensure that the design requirement reflect the various retail market segments.

2) Remain abreast of various potential tenant evolving requirements to ensure their need could be met by the developed designs.

3) Lead on market research related to up-and-coming retail offerings

4) develop business cases to support the retail strategies.

5) Manage and maintain relationships with retailers/tenants / agents/ and related consultancies

6)  negotiate and secure the most attractive commercial terms given the stated short- and long-term strategy of NEOM Islands.

7) Liaise with tenants, lawyers and other parties as necessary in order to finalize contracts in a timely manner and ensure tenants open in line with the planned phasing of NEOM Islands. 

8) Develop detailed retail P&L, including creation of unit budgets.

KEY ACCOUNTABILITIES & ACTIVITIES

Key Responsibilities

• Report to the Proponent ED and manage, co-ordinate and direct all aspects of retail strategy and asset development.
• Lead, coordinate and oversee retail development, planning, and finance, including any proposed franchise model arrangements.
• Capitalize on extensive knowledge and experience of retail concept strategies, development programs and business cases to review and recommend endorsement of all stages of project proposal before proceeding to master planning phases.
• Collaborate closely and work in conjunction with NEOM UP, NEOM Projects and all NEOM Sector Heads, to define retail master plan and agree the infrastructure assets required for, and to be delivered, in the regions thereon.
• Identify and define strategy for delivery of the phasing and the retail development strategy, in coordination with all required NEOM Sectors and Departments.
• Ensure business cases are executed and delivered to the best interests, and financial benefit, of NEOM and manage stakeholder relationships at all levels, particularly any joint venture stakeholders.
• Identify regulatory requirements and ensure corporate governance required to operate in the identified framework.
• Oversee, lead and mentor direct and outsourced completion of all aspects of the development process including legal framework, contract negotiations, procurement, consultant/contractor appointment and project execution.
• Oversee direct reports to actively implement risk mitigation measures to ensure business cases are secured to meet profit and turnover targets.
• Manage direct reports to ensure that feasibility, program, design, technical, quality and leasing specifications of projects are achieved through to completion and handover.
• Provide regular feedback with regard to Business Plans, including project status, risk and approved feasibility hurdle rates to the Executive Director.
• Coordinate and organize all development disciplines, with the objective of harmonizing the diversified functions to deliver completed projects in accordance with approved business case objectives.
• Prepare RFP and other procurement plans for the delivery of the assets, as required.
• Manage interfaces between various NEOM entities to ensure strict adherence to the agreed delivery schedules and develop contingency recovery schedule, as and when required.

• Support in the development and completion of the retail strategy for NEOM Islands, having consideration to the broader strategy and targets of NEOM Islands and NEOM itself.

• Ensure the mix of retail offered across NEOM Islands meets the regular needs of the residents, staff and guest populations.

• Identify the leading retail operators, local, regional and global, that will help to ensure NEOM Islands  becomes known as one of the world’s most exciting Island destinations. Engagement to be direct and where appropriate third-party agencies.

• Provide initial recommendation on the retail brands and franchise / operators that are most suitable for NEOM Islands, given the overall position and vision.

• Support in engagement with retail brands, directly and through third party agents, to help negotiate the most favorable commercial terms. These terms to be aligned with the short- and long-term retail strategy for NEOM Isalnds and NEOM.

• Ensure leasing activity and momentum is maintained and key leasing milestones are reached, from initial engagement through to completion of LOIs and Lease agreements.

• Post completion of Lease agreements, continue to liaise with retail tenants, corresponding NEOM teams, and third parties where necessary, to ensure they open in accordance with the planned opening phases of NEOM Islands

• Manage CAPEX and OPEX budgets and forecasts to ensure retail strategy is delivered on time and within budget.

• Ensure leasing activity and momentum is maintained and key leasing milestones are reached.

BACKGROUND, SKILLS & QUALIFICATIONS

Knowledge, Skills and Experience

• 20+ years extensive experience in leading and delivering multi-asset and multi-disciplinary, complex developments, at least 10 of which in a senior management role.
• Detailed knowledge of, and fully conversant with, development of concept strategies, development programs and business cases for regional and urban developments.
• Proven track record in relevant real estate development, technical competence across all property development disciplines and P&L accountability.
• In-depth understanding of economic and business/venture strategies with ability to problem-solve and make effective decisions in a fast-paced environment, with good knowledge of technology to support business management.
• Proven ability to manage and prioritize multiple, design related tasks simultaneously.
• Excellent communicator (verbal and written) and a good command of English and ability to present confidently to small and large audiences
• Proven ability to build professional relationships and trust, with colleagues and internal and external stakeholders alike, with interpersonal skills to build effective relationships across all levels of the organization.
• Fully computer literate, proficient in Microsoft Office applications, good knowledge of Microsoft Project, Primavera P6 is desirable
• The Director position requires total commitment and flexibility to achieve key, strategic targets that may require working additional hours.
• Strong leadership ability and rational judgement and reasoning skills, with proven ability to communicate effectively at design office, site, management, and client levels.

Qualifications

• Bachelor's Degree in Business Admin., Economics, Real Estate, from an accredited university – MBA is desirable.
• Professional registration and accreditation with Economics, Real Estate, etc.
• Minimum 20+ years' experience and proven track record in leading and delivering multi-asset, complex developments with partners, with 10 years in a senior management role, preferably in the Middle East.
• Excellent communication skills, with high standard of English (oral and written).

MAIN CONTACTS

Internal

External

• Proponent Executive Director
• CDO and ExCom
• NEOM Sector/Department Heads & Management
• NEOM Contractors (Design & Construction)

• Industry associations and Standards bodies
• 3rd Party Consultants & Professional Advisors
• 3rd Party Investors, JV Partners and Funders
• Related Government agencies