Reinforcing market leadership: Sy-blings accelerate SM Supermalls’ expansion with 7 new mall openings

SM Supermalls, the country’s largest shopping mall operator owned by the Sy family, is set to embark on an ambitious expansion strategy, aiming to further extend its network across the Philippines and beyond.

According to Steven Tan, president of SM Supermalls, the company plans to open seven new malls in the country within the next two years with two scheduled to open this year in Sto. Tomas, Batangas, and San Pedro, Laguna.

Looking ahead to 2024, SM Supermalls has five more mall projects in the pipeline. Zamboanga City will welcome its second SM mall, following the groundbreaking ceremony held last February. New mall developments are planned for La Union, Laoag, and Iloilo.

Two new SM malls are slated to open its doors to the public this year located in Sto. Tomas in Batangas, and in San Pedro in Laguna.

Expanding beyond its home country, SM Supermalls is set to open later this year a new mall in China, located in Yangzhou. Another mall in Fujian province is scheduled to open its doors next year.

With these expansion plans, SM Supermalls is strengthening its position as a key player in the retail industry, aiming to cater to the diverse needs and preferences of consumers in both the Philippines and China.

Austrian property tycoon’s Signa to file for insolvency

Rene Benko’s real estate giant Signa — whose vast portfolio includes New York’s iconic Chrysler building — on Wednesday announced it would initiate insolvency proceedings, marking the spectacular downfall of the self-made Austrian tycoon.

Ikea net profit surges in 2023 as sales rise

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