What: The real estate arm of SM is opening 4 new malls in the country

Why it is important: dynamics of retail are going in opposite ways according to the countries.

SM Prime Holdings Inc., a leading property developer in the Philippines, is set to open four new shopping malls this year, adding 440,000sqm of retail space. The malls include SM City Caloocan, SM City J Mall in Mandaue City, Cebu, SM City San Fernando La Union, and  SM City Laoag. The company also plans to refurbish and extend existing malls. In 2023, SMPH reported a 33% increase in net income to AU$1.09 billion and a 21% increase in consolidated revenues. Mall business accounted for 56% of total sales, with mall revenues totaling $1.97 billion, up 30% from $1.5 billion in 2022. SMPH has earmarked $3.3 
billion for 2024 capital expenditures and currently operates 85 malls in the Philippines and eight malls in China, with a total gross floor area of 10.8 million sqm

SMPrime to add 440,000 sqm of retail space in the Philippines