SM Prime Holdings, Inc. is about to open the redeveloped SM Iloilo Terminal Market and SM Iloilo Central Market this November, following a P3-billion redevelopment project geared toward expanding capability for local vendors and supporting micro, small, and medium enterprises (MSMEs).
“We soft opened a few weeks ago, and it’ll be fully operational by end of this month, November,” SM Supermalls President Stephen T. Tan said during a briefing on Monday.
Under a public-private partnership signed with the Iloilo City government in August 2022, SM Prime redeveloped the Central Market (also often called Tienda Mayor) and Terminal (or Super) Market, breaking ground in 2023. The combined redevelopment covers a complete gross floor area of 62,000 square meters (sq.m.).
“This shouldn’t be actually a business move or an expansion program. That is only a natural extension or progression due to our commitment to MSME development,” SM Prime President Jeffrey C. Lim said.
“This is absolutely more to support Filipino entrepreneurs, which is an element of how we do business and as we move towards the provincial areas, so we are able to create shared growth between us and the SMEs,” he added.
The SM Iloilo Terminal Market spans 20,000 sq.m., offering 58 long-term leasable spaces, while its expanded market section can accommodate 1,160 vendors, up from 911 previously. The 17,000-sq.m. SM Iloilo Central Market has 61 long-term leasable spaces and dining areas for local dishes, with capability for 859 vendors, up from 529.
“For those who take a look at the tenant mixture of the general public market, it’s completely different from that of the mall. It’s really to encourage small businesses to do business,” Mr. Tan said.
About 99.63% of all businesses within the Philippines are MSMEs, with 4.26% positioned within the Western Visayas region. The redevelopment was accomplished for free of charge to town, and the markets can be managed by town’s Local Economic Enterprise Office to take care of their public character.
SM Prime noted that the modernization can be expected to spice up local cuisine offerings.
The corporate posted an 8% year-on-year increase in its third-quarter net income to P12.8 billion from P11.8 billion, driven by higher contributions from its malls, hotel, and convention center businesses.
On Thursday, SM Prime closed at P19.42, down 0.04 or 0.21%. — Beatriz Marie D. Cruz