By Jenniffer B. Austria | Apr. 04, 2014 at 12:01am [ manilastandardtoday.com ]
Cosco Capital Inc., the holding company of tycoon Lucio Co, plans to build eight new community malls within the next three years, despite the intense competition in the domestic retail industry.
Cosco president Leonardo Dayao said in an interview the company planned to put up six to eight community malls over the next two to three years.
“We are committed to build six to eight community malls over the next two to three years. We are looking for locations where we will construct our community malls,” Dayao told reporters at the sidelines of the Puregold Price Club analyst briefing.
He said Cosco was looking at northern and southern Luzon, Visayas and Mindanao as possible locations for the planned community malls.
Dayao, when asked to comment on the entry of DoubleDragon Properties Inc. in the retail industry, said there was enough room for other retail players in the domestic retail market.
“The market is big enough. It [the entry of DoubleDragon Properties] will be healthy for the economy and for the industry,” he said.
DoubleDragon Properties Inc., a property company owned equally by Jollibee Foods Corp. chairman Tony Tan Caktiong and businessman Edgar Sia II, plans to build 100 community malls over the next five years.
DoubleDragon recently completed the acquisition of 12,645 square meters of commercial land along Arnaldo Boulevard in Roxas City, which will be the site of the first community mall called CityMall.
Cosco acquired Nueva Ecija-based shopping center NE Pacific Mall, which is partially owned by infrastructure conglomerate Metro Pacific Investments Corp. and Landco Pacific Inc. last month.
NE Pacific Mall is presently the largest commercial mall in Cabanatuan City, with a gross floor area of over 35,000 square meters on a 10-hectare lot.