Megaworld expanding mall portfolio in provinces
Tycoon Andrew Tan-led Megaworld Corp. is spending some P10 billion to build eight new shopping malls outside Metro Manila in the next three years.
These new malls will add about 200,000 square meters of fresh retail space through 2022 in Cebu, Bacolod, Davao, Boracay, Cavite and Pampanga, Megaworld told the Philippine Stock Exchange on Tuesday.
“In the next three years, the Megaworld Lifestyle Malls brand will be seen in key growth areas around the country as we continue to tap opportunities for our retail partners to further expand and grow their brands with us,” Megaworld chief strategy officer Kevin Tan said.
The P10-billion plan will expand Megaworld’s retail leasable space by 30 percent as the group seeks to breach the one-million-square-meter mall portfolio during this period.
Each new mall will have a distinct character and vibe, in line with the brand relaunch of Megaworld Lifestyle Malls.
“We veer away from standardizing our malls. We study and curate them based on what its location is all about. We want each mall to have its own charm and identity—something that makes each one ‘endemic’ to the city where it is located,” Tan said.
Also to be opened in the next two years is the Maple Grove Mall in General Trias, Cavite. This is envisioned to be a greenhouse-inspired mall surrounded with gardens and trees, complementing the ‘green’ vibe of the Maple Grove township.
Further, the Northill Town Center in Northill Gateway, Bacolod City is designed to showcase the “hacienda-style” town center which reflects the culture and economic history of Negros.
“Our goal is to have a mall in each township that we have. And in every lifestyle mall, we will always help and support local entrepreneurs in that area to flourish and build their businesses with us,” Tan said.
To date, the company has 17 lifestyle-oriented malls.—DORIS DUMLAO-ABADILLA
