Caloocan, Philippines - SM Prime, the country’s largest mall operator and developer, adds to its roster of retail destinations with the opening of its latest SM City mall in North Caloocan.
In the first quarter of 2024 alone, the mall chain contributed to the SM Group overall with a 7% growth in revenue, while mall rental income increased by 8% compared to the same period the previous year. Further, the Sy-led property developer announced it was allocating 30% of its CapEx for 2024 to elevating its malls and setting them up as even more innovative and vibrant retail hubs in the communities it operates in.
“This auspicious start of the year following the substantive revenue growth we experienced last 2023 is a signal from the market that there remains a demand for retail that can be answered through SM’s expanding footprint across the country,” said Steven Tan, President of SM Supermalls.
The Evolving SM Experience
Market entry brands, Paris Baguette and Haidilao Hotpot, at the SM Mall of Asia
Tan also noted that part of the success of SM Supermalls can be attributed to the strides the brand took in pushing the boundaries of what malls can offer.
Throughout the years, SM has helped local customers access old favorites and even new brands across its malls. This year, SM Supermalls continues to welcome a host of fresh and exciting international tenants, including several renowned international brands. Apart from continually expanding its portfolio of local and global retailers, SM continues to curate lifestyle, cultural, culinary, and entertainment experiences that appeal to a vast demographic of mall goers in the Philippines.
In the vibrant retail environment it serves, SM takes great satisfaction in its unwavering commitment to staying current. SM Supermalls continuously adjusts to meet the changing needs of its diverse markets, which includes both established and emerging demographics like the digital native Gen Z and avid-savers Gen Y. This is achieved through the company’s strategic integration of innovation and careful market consideration, as well as proactive consideration for consumer feedback and community engagement. The ultimate goal of SM is to create an environment where shopping experiences create a lasting impression on customers and nurture enduring connections.
On top of these, key government satellite offices for SSS, Pag-Ibig, and the Department of Foreign Affairs among others have also housed themselves in SM malls across the country since 2013 which made access to crucial government services easier.
The brand has also leveraged the trend of increased travel and spending outside of Metro Manila by expanding its footprint farther in Luzon and the Visayas region. Apart from Caloocan, other SM City malls set to open this year are in Laoag, La Union, and Cebu in line with SM’s target to open 100 malls in the country by 2027.
“As of 2023, we’ve seen more than a 24% increase in foot traffic across our malls nationwide as opposed to last year which represents over 90% of our pre-pandemic numbers. This only means that our malls business continues to flourish and even engage in steady, healthy competition against e-commerce, continuing to appeal to the young, digital savvy, and evolving market.” Tan said.
Beyond Retail
From Left to Right, Top to Bottom: SM City Santa Rosa’s Solar Panels, SM City Baguio’s Rainwater Recycling Program, SM Cares’ Trash to Cash Market, and SM Supermalls’ EV Charging Stations
For decades, SM Malls have served as converging points for customers looking for the best deals and retail experiences with local SMEs and international brands waiting to be discovered.
But beyond these, SM places a big emphasis on giving back to the communities it operates in. “SM Supermalls continues its commitment to revitalizing local communities, by equipping our malls with a range of sustainable features – from solid waste management, energy efficiency, water conservation and recycling, to Disaster Risk Reduction and Mitigation (DRRM) measures.”
SM City Caloocan’s Wellness Space features holistic self-care services
The newest SM City Caloocan features a unique Wellness Space at the third floor of the building offering a wide range of aesthetic, medical, and dental services. The mall was also built with sustainable features following the lead of other SM Supermalls such as a Trash to Cash recycling market, water treatment facility, and trash segregation facility.
"We are glad to have launched the newest SM City mall, our third in the city, in North Caloocan. The momentous occasion not only signifies our latest foray into elevating the retail experiences of every Filipino but also our commitment to the growing community in Caloocan City, providing an avenue for entrepreneurship and generating shared value through employment generation and growth of businesses such as transport, infrastructure development, and supply chain growth," said Tan.
