SM Group to Open 15 New Malls, Aims for 100 by 2027
The SM Group is set to strengthen its position in the retail industry in the Philippines with plans to open 15 new shopping malls over the next four years. This move is part of the group’s goal to reach 100 malls by the end of 2027.
SM Prime Holdings Inc., the integrated property developer led by the Sy family, aims to expand its portfolio to 100 malls in the country within the next six years. Currently, the company operates 85 malls across the Philippines, with a total gross floor area of 9.2 million square meters.
With 24 malls in the National Capital Region (NCR), 47 in Luzon, seven in Visayas, and seven in Mindanao, SM Prime caters to a wide range of tenants and customers. The company’s malls have over 20,600 tenants, 89,000 car park slots, 390 cinema screens, and an average daily pedestrian count of 3.6 million.
In addition to its presence in the Philippines, SM Prime also has eight malls in China with a total gross floor area of 1.6 million square meters.
Moving forward, the company’s mall expansion will focus on the provinces, specifically targeting Northern Luzon, Visayas, and key cities in Mindanao. For this year, SM Prime plans to open four new malls, adding over 440,000 square meters of gross floor area. The upcoming launches include SM City Caloocan, SM City J Mall in Cebu, SM City San Fernando La Union, and SM City Laoag.
According to SM Investments Corp. president and CEO Frederic DyBuncio, the company’s strategy in expanding its mall network is to analyze the needs of each community and cater to those specific needs. He also mentioned that SM Prime is looking at a capital expenditure program of P100 billion for 2024.
Overall, SM Prime’s goal is to continue its growth trajectory and provide quality shopping experiences for communities across the Philippines.
