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Richmond Mercurio - The Philippine Star
March 13, 2025 | 12:00am
Higher consumer spending
MANILA, Philippines — Average daily foot traffic recorded by SM Supermalls reached an all-time high last year, driven by favorable economic conditions, mall and tenant expansion as well as a strong mix of entertainment and in-mall events.
The mall operations unit of integrated property developer SM Prime Holdings recorded a six-percent increase in average daily foot traffic in 2024 to 5.2 million from 4.9 million in 2023.
“This milestone reflects the trust and loyalty of our shoppers, the strength of our tenant partnerships and the evolution of our malls as vibrant community hubs,” SM Supermalls president Steven Tan said.
SM Supermalls ended 2024 with a total of 22,579 tenant stores.
The company said that nearly 70 percent of the tenant stores are micro, small and medium enterprises (MSMEs), making SM Supermalls the largest marketplace for MSMEs in the Philippines.
Last year, SM Supermalls also welcomed new foreign brands, such as Disney Store, National Geographic, Nitori and Paris Baguette.
SM Supermalls further expanded its footprint with the opening of two new malls – SM City Caloocan and SM J Mall.
A total of P21 billion has been allotted for the expansion of SM Supermalls’ gross floor area (GFA) this year.
The new developments will add 205,400 square meters of GFA, while 124,488 square meters of existing mall space will undergo redevelopment.
“As we enter SM’s Bold New Era, our expansion strategy remains focused on strengthening our presence in key areas, curating an optimal tenant mix and continuously evolving with our customers to meet their changing needs and aspirations,” Tan said.
