FILE PHOTO
MANILA, Philippines — SM Supermalls will build five flagship malls until 2030 to help reach its broader goal of having roughly 115 shopping malls by 2035 across the country amid shifting consumer preferences and trends.
Steven Tan, SM Supermalls president, confirmed this to reporters on Thursday. Tan said they would open SM Sta. Rosa (Yulo) in Nuvali in 2026, Harrison Plaza in Manila in 2027, SM Malolos in Bulacan province in 2026, Cavite in 2029 and Pasay in 2030.
SM currently has 88 shopping malls in the country, with SM La Union set to open in October, according to Tan.
Despite having to delay the opening of SM Zamboanga to the first quarter of 2026, he said they were “still aiming” to have 100 malls by 2027 or 2028.
“It’s not just the new malls that we are really counting on in terms of growth of the company, but also the redevelopment and expansion in terms of achievement in revenue and hitting our target,” Tan said in a media briefing.
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Redevelopment
SM Supermalls plans to invest P150 billion in the major redevelopment of 16 existing malls and the construction of 14 new lifestyle malls.
Its most recent redevelopment project is SM Megamall, one of its biggest shopping malls in the country, with P7 billion in total investments. It also recently finished renovating SM Mall of Asia (MOA), whose most notable upgrade is its Fifa-standard football pitch.
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Once construction work at Megamall is completed, Tan said they would likewise spend P9 billion to upgrade SM North Edsa in Quezon City, with renovation set to begin by the end of the decade.
“We really have to time [the renovation] well because we don’t want it to have an impact in our financials,” Tan added.
Also scheduled for facelifts are SM City Seaside Cebu, which would likely get the same amenities as MOA. There are also SM Lanang in Davao City; and SM City Clark in Pampanga province, among others.
While concerns over its profit margins rose due to their pivot toward providing more open spaces, Tan pointed out that these nonrevenue areas were among the reasons why consumers flocked to SM malls.
“The more you give to your customers, the better you get back, then you will attract more people … they will spend in your [malls],” he said.
Last year, average daily foot traffic at SM Supermalls climbed by 6 percent to an all-time high of 5.2 million on the back of better economic conditions, which boosted the spending power of consumers. INQ
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