Megaworld to Expand Mall Footprint in the Provinces
Property giant earmarks PhP10-b for eight malls, commercial centers covering around 200,000 square meters in retail spaces
Property giant Megaworld (PSE: MEG) is expanding its Megaworld Lifestyle Malls footprint outside of Metro Manila, with the opening of eight (8) new malls and commercial centers in key regional centers across the country in the next three years.
The company is offering around 200,000 square meters of fresh retail inventory that will open until 2022 in Cebu, Bacolod, Davao, Boracay, Cavite, and Pampanga.
“For 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,” says Kevin L. Tan, chief strategy officer, Megaworld.
Fresh from the launch of the new and revitalized Megaworld Lifestyle Malls brand with its new logo, the company is spending PhP10-billion for these new malls.
Each new mall will have a distinct character and vibe, a concept in which Megaworld Lifestyle Malls has been known for.
“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,” explains Tan.
Among the malls that will be opened in the next two years are the Maple Grove Mall in General Trias, Cavite, which will be a greenhouse-inspired mall surrounded with gardens and trees – complementing the ‘green’ vibe of the Maple Grove township; and the Northill Town Center in Northill Gateway, Bacolod City, which will showcase the ‘hacienda-style’ town center in which Negros has been known for.
“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 points out.
To date, Megaworld has 17 lifestyle malls across the Philippines, and a total retail space portfolio of around 710,000 square meters.
Among its flagship malls under the Megaworld Lifestyle Malls brand include Eastwood Mall in Quezon City; Uptown Mall, Venice Grand Canal and Forbes Town in Taguig City; Newport Mall at Resorts World Manila in Pasay City; Lucky Chinatown in Binondo, Manila; Southwoods Mall in Biñan, Laguna; and Festive Walk Mall in Iloilo City.
In 2018, Megaworld Lifestyle Malls rental revenues reached PhP5.5-billion, almost 40% of the company’s rental revenues last year.
