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Monday, June 25, 2012

Philippine Shopping Malls to Undergo a "Major Facelift"

MANILA, Philippines - Shopping mall operators in the country are undergoing a major facelift in a bid to attract more foot traffic and slacken competition, a property research firm said Friday.

In its latest Philippine market overview, Colliers International said major mall developers are turning away from the traditional mall configuration, and gearing towards improving the shopping experience through the integration of new technologies, attractions and natural parks.

The research firm said the introduction of 3D devices in cinemas and the inclusion of pocket gardens and theme parks has become a major trend especially across major entertainment districts. "These are most likely to increase as retail developers plan major facelifts and continuous retrofitting over the long haul," Colliers said.
Festival Mall: The expansion will add three districts: The Festival Walk, the River Park, and the Water Gardens.
For example, Filinvest Land's Festival Mall is expected to undergo a revamp, which includes a new wing of about 50 percent of its leasable area. The mall operator also will use its existing creek as a major waterway attraction. At a separate location, the company's seafront SRP in Cebu will use its beachside ambiance as a water feature.

Likewise, SM Baguio is set for an upgrade. Apart from an additional space of some 76,000 square meters, SM Prime Holdings obtained LEED certification on the strength of its integration of new open-air retail spaces, roof gardens, and landscapes of native plant materials.

Ayala Land is banking on its cultural districts emphasized by its upcoming retail development at the Santa Ana racetrack property. Besides the on-site upgrades and improvements, Colliers said expansion plans persist across the country. Robinsons Land recently opened its 30th mall in Calasio, Pangasinan and is set to open Robinsons Place Palawan and Robinsons Magnolia this year.

SM City Bacolod Annex: The expansion will add 102,043 square meters (sqm) of gross floor area (GFA) to the main mall, increasing SM City Bacolod’s total GFA to 171,380 sqm.
SM Prime's expansion includes SM City Bacolod Annex, which will offer an additional space of over 80,000 square meters towards the end of 2014. In China, its SM Tianjin, the world’s largest free-standing shopping mall, is set to be completed by the end of 2013. Ayala Land plans to reopen Glorietta 1 and 2 towards the third or fourth quarter of this year.

Colliers also said rental rates in Ayala Center increased by 0.2 percent to an average of P1,220 per square meter in the first quarter, while Ortigas Center added 0.6 percent to about P1,077. "Rents may grow modestly by two to three percent in the next 12 months," Colliers said.

While vacancy rates in both super-regional and regional malls across Metro Manila inched up 0.7 percent to about 42,000 square meters in the first quarter, this was lower than the 45,000 in the third quarter of last year. "The outlook on vacancy is that it will remain stable while fewer households are seen to increase their expenses on goods and services according to the recent survey conducted by the Bangko Sentral ng Pilipinas," Colliers said.

Sources & Images Credit: Interaksyon & Everything in Budget Blogspot


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