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SM adds another mall to its still growing empire

business / Headlines
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SM adds another mall to its still growing empire

SM Prime Holdings Inc., the country’s biggest mall developer, is opening its third shopping center in Bulacan province, citing its strategic location and large growth potential.

SM Prime said it would open SM City San Jose Del Monte today, adding 101,000 square meters (sqm) in gross floor area (GFA) to its current floor plate. The new mall would bring SM Prime’s total retail space to 7.4 million sqm, the largest footprint in the country.

In Bulacan, it already has SM City Baliwag and SM City Marilao.

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“We continue to expand in the provincial areas as we remain optimistic about their huge potential for growth. The opening of SM City San Jose Del Monte in Bulacan is a testament to this strategic direction as we remain steadfast in developing premier destinations around the country,” SM Prime President Hans Sy said in a statement on Thursday.

SM City San Jose Del Monte is located along Quirino Highway in Bulacan, which is connected to the cities of Quezon and North Caloocan.

San Jose Del Monte is a second-tier city with predominantly middle-income households of which 62 percent have family members working abroad.

“The city contributes to one of the fastest growing residential and commercial hubs in the northern gateway of Metro Manila, covering 59 barangays and a population of almost 500,000 based on the 2010 census,” SM Prime said.

SM City San Jose Del Monte opens with 70 percent of space already leased to tenants. Occupying its three floors are retail stores, dining outlets, recreation and entertainment facilities and service centers. The prime spaces are allocated to local and international retail brands, food outlets and anchor tenants.

By the end of 2016, SM Prime is targeting to have 61 malls in the Philippines and six in China with an estimated combined GFA of 8.6 million sqm. The San Jose Del Monte mall is its 57th.

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TAGS: Bulacan, Business, Developer, economy, Growth, location, mall, News, potential
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