At 5.2 million, SM malls daily visitors match New Zealand population 

MANILA, Philippines — The malls of real estate giant SM Prime Holdings Inc. saw a record 5.2 million daily visitors last year—or around the same size as the population of a country like New Zealand—as favorable economic conditions boosted the spending power of consumers.

In a stock exchange filing on Wednesday, SM Prime said the average daily foot traffic at SM Supermalls had climbed by 6 percent from 4.9 million in the past year.

According to the Sy family-led developer, this was due to the country’s improving economy, as well as “mall and tenant expansion and a strong mix of entertainment and in-mall events.”

READ: SM Prime readies P15B for hotel expansion

SM Supermalls opened two new branches last year—SM City Caloocan in May and SM J Mall in October—expanding its network to 87 malls.

“This milestone reflects the trust and loyalty of our shoppers, the strength of our tenant partnerships and the evolution of our malls as vibrant community hubs,“ SM Supermalls president Steven Tan said in a statement.

As of end-December, the company had 22,579 tenant stores, nearly 70 percent of which were micro, small and medium enterprises. It also carried new foreign brands, including Disney Store, National Geographic, Nitori and Paris Baguette.

SM Prime earlier announced that it would spend P21 billion to expand SM Supermalls’ gross floor area by 205,400 square meters (sq m).

At the same time, 124,488 sq m of existing mall space will undergo redevelopment.

READ: SM Prime to bolster China malls business

Real estate investment management firm Colliers Philippines said in its 2025 Philippine Property Market Outlook Report that more foreigners were expected to enter the country’s retail property segment this year.

This is on the back of the country’s consumption-heavy market, which is expected to drive growth amid shifting customer behaviors. Colliers noted that developers were pursuing redesign projects to introduce new concepts and become “more experiential.”

SM Supermalls remained SM Prime’s main revenue driver last year, accounting for 55 percent of the developer’s top line.

SM Prime in 2024 booked P45.6 billion in earnings, up by 14 percent, representing its highest in history. Revenues rose by a tenth to P140.4 billion, another record high, on an increase in rental income, real estate sales and revenues from services and experiential offerings. —Meg J. Adonis