LISTED property developer SM Prime Holdings, Inc. (SMPH) will open its latest mall in La Union on Oct. 17, expanding its portfolio to 89 malls nationwide as a part of its ongoing regional growth strategy.
“That is our ninth mall in Northern Luzon, and we designed it to function a landmark for each residents and tourists,” SM Prime President Jeffrey C. Lim said in a press release on Wednesday. “Because the browsing capital of the region, La Union deserves a retail center that reflects its vibrant lifestyle and wealthy culture.”
The brand new SM City La Union, situated along Diversion Road, Barangay Biday in San Fernando City, offers greater than 51,000 square meters (sq.m.) of leasable space, with over 80% already taken up.
In keeping with the corporate, the mall will house major tenants corresponding to SM Store, SM Markets, Ace Hardware, Toy Kingdom, Levi’s, Watsons, Surplus, Pet Express, Adidas, Miniso, Sports Central, SM Appliance Center, Puma, Uniqlo, National Bookstore, and BDO.
A highlight of SM City La Union is the Sandbox, a 1,348-sq.m. outdoor area designed for sports tournaments, concert events, yoga, Zumba, and other community activities.
A motorcycle lane running parallel to a manmade sandbar can also be a part of the event.
The mall will feature an SM Foodhall serving Ilocano, Filipino, and international dishes, and can introduce the province’s first Director’s Club cinema.
“With our diverse and unique offerings, we hope to strengthen La Union’s position as each a tourism and economic hub in Northern Luzon,” Mr. Lim said.
In 2024, La Union’s tourism industry generated over P1 billion in revenues, driven by higher visitor spending and longer average stays of 1.39 days from 1.33 days a yr earlier, the corporate said.
The province recorded greater than 500,000 tourist arrivals, with San Fernando City, San Juan, and Bauang rating as its top destinations, it added.
Over the subsequent five years, SM Prime plans to open a series of flagship malls, including SM Sta. Rosa in Nuvali by 2026, Harrison Plaza in Manila by 2027, SM Malolos in Bulacan by 2028, a Cavite mall by 2029, and one other in Pasay by 2030.
Other than latest developments, the corporate can also be pursuing redevelopment and expansion projects to achieve its goal of 100 malls by 2027.
SM Supermalls, the retail arm of SM Prime, is amongst Southeast Asia’s largest mall developers.
SM Prime earlier reported a ten% increase in its second-quarter net income to P12.8 billion, bringing first-half earnings to P24.5 billion, up 11% from a yr earlier. The expansion was driven mainly by higher rental income, real estate sales, and ancillary revenues.
Consolidated revenues for the April-to-June period rose by 4% to P35.3 billion, while first-half revenues climbed by 5% to P68 billion from P64.7 billion a yr ago.
Rental income from its malls, offices, hospitality, and MICE (meetings, incentives, conferences, and exhibitions) businesses accounted for 60% of total revenues, followed by real estate sales at 29%, and cinema, food and beverage, and amusement revenues at 11%.
Its mall business remained the essential earnings contributor, accounting for 69% of total profit at P17 billion — up 14% yr on yr — supported by latest openings, increased foot traffic, and robust occupancy rates.
On Wednesday, shares of SM Prime Holdings slipped by 0.87% or 20 centavos to shut at P22.80 each. — A.G.C. Magno