SM Investments Corp. of ultra bilyonaryo Tessie Sy is opening three new malls in the second half this year after getting delayed by the pandemic.
The three new malls – SM City Tuguegarao, SM City Sorsogon and SM City Tanza in Cavite – were supposed to be completed in 2021 but were delayed due to the adverse impact on mobility and retail activity during the pandemic which struck in March 2020.
The three new malls plus the SM mall opened in Roxas City last April would add a combined 204,000 square meters to SM’s gross floor area (GFA) of 8.9 million square meters or 50 percent of all mall space in the country..
Mall rental income rocketed 80 percent year on year to P18.6 billion in the first half this year due to the easing of community quarantine levels in key areas of the country which allowed more tenants to operate.
SM’s non-food retail surged 41 percent year on year to P63.5 billion in the first six months this year as more shoppers flocked to SM Stores, SM Appliances, Sports Central and Toy Kingdom/Pet Express. Its food stores’ turnover rose eight percent year on year to P100.2 billion in the fist half this year.