SM eyes opening 2 new malls this year, 5 next year

MANILA - SM Supermalls is planning to open two new malls this year and another five outlets by 2024, its President Steven Tan said on Monday.

The Sy-led group said it remains optimistic about growth in the retail industry, which is expected to get a boost from the onset of the "ber months" or the start of the holiday season. Shoppers usually flock to the malls as they prepare for the holiday season.

In a briefing ahead of SM Supermalls’ Tenant-Partners Summit, Tan told ABS-CBN News that they are also expecting higher demand in the coming months despite elevated inflation.

“People will come back to the malls… We had more serious crises but Filipinos are more resilient and love going out," he said.

"There may be [a] shift in prioritization but we’re confident with the retail environment with 'ber' months and the shifting of the school year,” he added.

He also said the company's performance in the first quarter was "even better than pre-pandemic level." Tan also said they are boosting their online shopping platforms to offer more options for consumers.