Villar-led Starmalls Inc. is venturing into the high-end retail segment via its Prima brand, with three malls set to open in the next two years.
The shopping mall development and leasing unit of the Villar Group of Companies is completing the construction of the first Starmall Prima in Taguig City, which will cover a gross floor area (GFA) of 55,000 square meters, Starmalls chair Manuel B. Villar told reporters.
The recently opened AllHome outlet in the city was the initial phase of the Prima Taguig development, which by August will also have a branch each of the following food chains: Burgoo, Gilligan’s Restaurant, Pancake House, The Coffee Bean and Tea Leaf, Wing Stop and Yellow Cab.
The second phase of Starmall Prima Taguig will be completed next year, Villar said.
Two other Prima malls will rise in North Molino, Bacoor City in Cavite and in Santa Rosa City, Laguna.
The Prima mall in Laguna will also open next year, while the one in Cavite is targeted for opening in the first quarter of 2016, Villar said.
While most of the existing shopping centers being operated by Starmalls are “regular” or catering mainly to the mid-market, Villar said the emergence of more affluent Filipinos amid a growing economy augured well for malls showcasing high-end tenants.
“We will put up Prima malls in areas surrounded by upscale residents. The competition in these areas is tighter, so we need to level up our offerings,” Villar said.
The flagship Starmall located at the corner of Edsa and Shaw Boulevard will be renovated and may be converted into a Prima, Villar said.