SM gears up for redevelopment of several malls

MANILA, Philippines — The SM Group, the largest mall operator and developer in the Philippines, is set to embark on a redevelopment of some of its shopping centers, starting with its iconic Megamall in Mandaluyong City.

“In addition to SM Megamall, we have other exciting redevelopment plans for several SM malls,” SM Supermalls president Steven Tan told The STAR.

Tan, however, declined to disclose yet which malls are involved in the plan.

He said the redevelopment of SM Megamall, meanwhile, is set to commence next month.

“We are currently finalizing additional details about the project,” Tan said.

Initially, SM Megamall’s redevelopment will add 20,000 square meters of leasable space that will provide shoppers with “brighter, wider hallways, more open spaces and higher ceilings.”

Parking will also be upgraded with over 1,000 additional parking slots.

SM Megamall’s “remarkable transformation” will be designed by the architectural firm behind iconic retail developments such as Icon Siam in Thailand and the Jewel Changi in Singapore.

“We greatly appreciate the positive feedback we have received from our tenants and our shoppers. It remains our mission to continuously enhance the SM Supermalls experience for all Filipinos,” Tan said.

The SM Group, through its integrated property developer SM Prime Holdings Inc., plans to open three more new malls this year. It recently opened SM City Caloocan, its 86th mall in the country.

SM Prime is targeting to have a portfolio of 100 malls in the country by the end of 2027 as it looks to further solidify its dominance in the Philippine retail landscape.

Another leading mall developer in the country, Ayala Land Inc. (ALI), is currently reinventing its major malls through a P13-billion program that will see the redevelopment of Glorietta and Greenbelt in Makati, Trinoma in Quezon City and Ayala Center in Cebu.

ALI’s redevelopment, which is being undertaken to cater to the evolving consumer preference, is expected to be completed by 2028.