Dynamic growth shapes the retail sector

Colliers Philippines reports massive redevelopments and expansion

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The retail sector takes an upbeat turn to innovate the consumer experience by offering immersive, experiential activities that can be shared with friends and families.

Such significant developments are also marked by developers' bold move to refresh retail space, expansion of foreign brands, and home furnishing giants betting big on the local market, as reported by Colliers Philippines.

For the first quarter of the year, Metro Manila recorded a total of 7.9 million sqm of leasable retail space, and new retail supply of an average of 158,000 sqm is expected to be added annually in the next two years.

Launched in February, MOA Sky is a 55,000 sqm attraction in SM Mall of Asia with a football pitch, amphitheater, sanctuary, alfresco dining, and a paw park. SM Supermalls has earmarked P100 billion in capital expenditure and will spend P21 billion on mall expansion and redevelopment. SM Hotels recently broke ground on SMXCITE, the country’s largest exhibition venue with 18,000 sqm of leasable area, and is scheduled to open in 2027.

It was also reported that Ayala Malls has allocated P13 billion for the redevelopment of its flagship malls and another P5 billion to renovate malls in Davao, Pampanga, and Quezon City.