Posted on November 24, 2015 09:25:00 PM [ Businessworld Online ]
By Louine Hope U. Conserva, Correspondent
ILOILO CITY -- SM Prime Holdings, Inc. is bullish about expanding its network of malls in the Visayas, as it is set to open the country’s fourth biggest mall in Cebu on Friday.
THE LOGO of SM Prime Holdings, Inc. is seen in this file photo. -- BW FILE PHOTO
“It is going to be one of the biggest malls in the whole Philippines. That will be the biggest mall in the whole Visayas,” said Steven T. Tan, senior vice-president of SM Supermalls, at the recent opening of the new wing of the SM City in Iloilo.
Mr. Tan said they are looking at making more investments in other parts of the Visayas, where they see growth in the local economies.
“We’re very bullish on the Visayan market because we really feel that it has still so much potential for growth,” he said.
The SM City Iloilo’s new north wing building, which cost P1.3 billion, has four levels with a total floor area of 21,124 square meters (sqm.) intended for additional retail shops, dining establishments and gaming space.
With a land area of 170,000 sqm., SM City Iloilo is the largest mall in the Western Visayas region.
Iloilo City Rep. Jerry P. Trenas said SM’s expansion reflects the economic upturn of the city.
“The past five years have been a testament of the rapid development of Iloilo. I foresee more commercial spaces to be constructed here and hopefully we will have a market for all of them,” he said.
In Bacolod City, the SM City mall was also recently expanded with the addition of SMX Convention Center.