Vol. XXII, No. 130 [ BusinessWorld Online ]
Tuesday, February 3, 2009 | MANILA, PHILIPPINES
BACOLOD CITY — A new shopping center in this city’s alternative commercial hub is expected to revive the glory days of Chinatown.
The two-storey Triangle Island Plaza launched its soft opening late last month. The 1.3-hectare commercial center, estimated at P150 million, sits on a family-owned property.
"The idea started around two years ago," said Dexter Solco, president of Triangle Island Plaza Corp., a family-owned company.
He and his cousins were not only thinking of making money. They wanted to bring back "Shopping" — Bacolod residents’ term for China-town — to its heyday, when their elders had enjoyed brisk business in the area.
Chinatown has been outpaced by commercial developments in other parts of the city.
"My family is from Shopping. We would like to give back to ’Shopping’ what it had given us before," Mr. Solco said. "It helped my parents when they were young. Now it’s our turn to help," he added.
The Capitol Shopping Center was set up in December 1955 as an alternative commercial hub after buildings in downtown Bacolod were gutted by a fire two years earlier.
A group of Filipino-Chinese businessmen and the late Mayor Alfredo Montelibano, Sr. formed the Bacolod Investment Corp. then, paving the way for the opening of the Capitol Shopping Center, eventually known as the Chinatown of Bacolod.
For years, businesses thrived in Shopping, but developments in other parts of the city eclipsed the once busy trading center. For some time, new buildings seemed to have eluded the area lined mostly with old and dilapidated structures.
That was until a group of young Filipino-Chinese businessmen led by Mr. Solco decided to do something about it, by building the Triangle Island Plaza mall at the heart of Shopping.
Mr. Solco said their business concept is unique because they don’t only have a home depot, the anchor store, but also a supermarket, restaurants, computer shop, and a drug store.
Robinsons Supermarket, which occupies a 1,300-square meter space on the ground floor, will open in time for the mall’s grand opening this month.
The Houston Home Depot takes up 60% of both the ground and second floors. Also situated on the second floor are flea market-type stalls available for small businesses at P6,500 a month. Spaces outside are occupied by specialty stores.
Mr. Solco said location is their strength because 60% to 70% of public utility vehicles in Bacolod pass by Narra and Lopez Jaena streets and B.S. Aquino Drive, where the mall is located. "Accessibility should not be a problem and we have ample parking spaces," he said.
The young businessman said he hoped that more buildings will rise at the Capitol Shopping Center after the opening of the Triangle Island Plaza.
"We are hoping to encourage more investors in ’Shopping.’ There are still huge business opportunities here. We just started it. Our building will give life again to Capitol Shopping Center," he added. — Nanette L. Guadalquiver
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