Sy-led SM Prime Holdings Inc. is banking on the further recovery of mall traffic with the opening of its 81st domestic shopping mall, the SM City Sorsogon, on Friday.
The property giant is boosting its mall footprint in the Bicol Region, where SM Prime operates three other shopping centers: SM City Naga, SM City Legazpi and SM City Daet.
“We’re glad to finally welcome our fellow Sorsoganons to SM City Sorsogon and deliver fun, convenient and great shopping and dining experiences to the locality and beyond,” SM Prime president Jeffrey Lim said in a statement.
“Likewise, SM Prime is committed to providing opportunities for local businesses and talents to thrive and grow while developing sustainable projects anchored on world-class amenities and entertainment for every Filipino to enjoy,” he added.
SM City Sorsogon is located along Maharlika Highway, Balogo, East District, Sorsogon City, Sorsogon.
It has 40,000 square meters of gross floor area across two levels.
SM Prime, the country’s biggest mall operator, has 24 shopping centers in Metro Manila and 57 locations in provincial areas. It also has seven shopping malls in China.
Mall traffic has been on the rise after the government eased COVID-19 movement restrictions early this year.
This helped push up SM Prime’s profits in the first half of 2022 by 21 percent to P14.1 billion. Revenues likewise jumped 13 percent to P46.3 billion.
Mall revenues, a major earnings driver that accounted for 44 percent of sales, surged 92 percent to P20.6 billion from January to June this year.