SM Prime Holding Inc., the country’s largest mall developer and operator, is set to develop two more malls in Mindanao as the business prospect for the region becomes even brighter.
Debbie Go, SM Assistant Vice President for Operation-Mindanao, said in an interview with reporters that SM Prime is targeting to add the number of its malls in the Mindanao region by two.
“The first SM mall is going to be built in Butuan and that will be around 2014, and [a new mall in]Cagayan de Oro will follow after that,” she said.
“We’re still on the designing stage. Technically, the design is still just being worked on so we really can’t determine the size of the malls,” Go added.
As of now, SM Prime has four malls in Mindanao—SM City Davao, SM City Cagayan de Oro, SM City General Santos and SM Lanang Premier.
Go specified that the combined income and revenues contribution of SM malls in Mindanao to SM Prime stood at 4 percent to 5 percent, and the company aims to improve that on an annual basis.
“In terms of the region, we have double-digit targets by the end of each year. We’re trying to boost the contribution but other regions are also expanding as well so it’s hard to get past them. This is in terms of revenues and income,” Go said.
“We have marching orders to hit double growth in terms of revenues and income but all the regions have the same target,” she added.
As of now, SM Prime has 47 malls in the Philippines with a total gross floor area of about 6 million square meters.
The company also has five malls in China with a total gross floor area of around 800,00 square meters and according to SM officials, the group aims to develop one mall per year in that country in the next few years.