SM expanding Mindanao presence
Filipino mall developer SM Prime will open two new malls in Mindanao.
The two malls are planned for Butuan City by next year and Cagayan de Oro City by late next year or early 2015.
From its foray in 2001, SM Prime has four existing shopping malls in Mindanao – SM City Davao, SM City Cagayan de Oro, SM City General Santos and SM Lanang Premier.
Mindanao is not as much as competitive as Manila so there’s a lot of cities to expand in, says Debby Go, assistant VP for Mindanao operations of Shopping Center Management Corp (SCMC).
Go says they want to increase Mindanao’s share in the company’s total earnings from four to five per cent currently.
SM Prime currently has 47 malls across the Philippines and five in China and it says it will end the year with another mall opening in Parañaque City.