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TRAFFIC. A glimpse of the weekend crowd in SM Dasmariñas in 2024.
SM Prime Holdings
The 5.2 million average daily visitors is a 6% bump from the 4.9 million logged in 2023
MANILA, Philippines – SM Supermalls saw an average of 5.2 million daily visitors in 2024 — a record number for the country’s mall giant.
“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 in a statement on Wednesday, March 12.
The 5.2 million average daily visitors is a 6% bump from the 4.9 million logged in 2023. The company attributed this to the country’s “favorable” economic conditions as well as its moves to expand its mall footprint and mix up its tenants in their malls.
Its entertainment and in-mall social events also contributed to the record foot traffic.
It welcomed new foreign brands such as the Disney Store, National Geographic, women’s fashion Nitori, and South Korean baker Paris Baguette which helped bring in more patrons.
In 2024, the retail giant added two new malls into its arsenal, one of which was the three-story SM City Caloocan. SM’s third mall in Caloocan City added 53,577 square meters to SM Supermalls’ combined gross floor area.
It also opened SM J Mall, its 87th mall in the Philippines. The Japan-inspired mall added another 78,229 square meters to SM’s footprint.
Meanwhile, the company had 22,579 stores across its malls in the country — 70% of which are small and medium enterprises.
SM Prime’s mall segment contributed 55% of the company’s revenues in 2024 with P77.2 billion. Its residential property business trails this with P46.1 billion, while other businesses earned the Sy family’s property arm P15.4 billion.
In a previous interview with the ABS-CBN News Channel, Tan noted that their company also benefitted from the changing habits of the Filipino shopper amid the “widening of the middle class.”
SM Prime is investing up to P33 billion for its expansion plans in 2025, with P21 billion of the budget dedicated to its malls business.
Last month, SM Supermalls launched MOA Sky, a major redevelopment project in SM Mall of Asia (MOA). MOA Sky in Pasay City includes the MOA Football Pitch, MOA Paw Park, MOA Amphiteater, MOA Sanctuary, and MOA Sky Plaza (for shopping, dining, entertainment).
“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 on Wednesday.
New developments are expected to add 205,400 square meters to SM Supermalls’ gross floor area, while 124,488 square meters of its existing spaces will undergo renovation.
Three new SM malls are expected to open later this year namely: SM City La Union, SM City Laoag, and SM City Zamboanga. SM’s mall development is now focused in growth areas outside the capital region.
SM is not the only mall chain in the country that saw an increase in foot traffic and is now banking on Filipino consumers spending more.
Ayala Land — the company behind malls such as Greenbelt and TriNoma — is also setting out expansion plans for 2025. – Rappler.com
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