SM Prime opening two more malls
SM Prime Holdings is opening two more shopping malls in the Philippines before year’s end to take its total outlets to 66, with 8 million sqm of retail space.
CFO John Ong says it is launching SM Center Tuguegarao Downtown in the Cagayan Valley region next week. The mall will have 30,000sqm of gross retail space.
The group will also launch SM Lemery in Batangas province by December, its sixth mall opening this year. Other openings were SM CDO Downtown Premier in Cagayan de Oro, S Maison at Conrad Manila in Pasay City, SM Cherry Antipolo in Rizal and SM City Puerto Princesa in Palawan.
Ong says the company is on track with its five-year plan of establishing a combined 10.5 million square meters of retail space in both the Philippines and China by the end of next year.
SM Prime has seven malls in China with 1.3 million sqm of retail space. Its biggest is SM Tianjin (540,000sqm of retail space) which had a soft opening last December. A second phase, offering about 180,000sqm of retail, is already nearly 90 per cent leased out.
Meanwhile, Ong says SM Prime is finalising an e-commerce venture to enable shoppers to choose items online and pick up or collect their purchases in the malls. The company is also considering partnering with an e-commerce developer for a platform to launch a “click-to-brick” program before the holidays.
Despite the development of e-commerce, Filipinos still want to go to malls, he says.