SM malls attract strong foot traffic

Sy-led SM Prime Holdings Inc. (SM Prime) expects its malls business to remain resilient amid concerns over slower economic growth and governance issues, as it plans to open four new malls this year while foot traffic in existing malls continues to improve.

- By JAMES A. LOYOLA.

“We plan to open around four malls this year. These will be located outside of Metro Manila. In terms of size or contribution to our GFA [gross floor area], we are expecting an increase of around three percent to four percent over our existing GFA of 9.7 million square meters (sqm),” said SM Prime President and Chief Executive Officer (CEO) Jeffrey C. Lim in a media briefing.

The four malls opening this year are SM Zamboanga, SM General Trias, SM Tagum, and another SM mall in Santa Rosa City, Laguna province. The first three malls will have GFAs of about 60,000 to 70,000 sqm each, while the new and bigger Santa Rosa City mall will have 130,000 sqm as it is a flagship mall.

The other SM located at the Yulo property in Santa Rosa is scheduled to open in the fourth quarter and is the first of SM Prime’s target of opening one flagship mall per year. Next year, SM Harrison Plaza is slated for completion and opening.