In the last two decades, however, the 35-hectare Araneta Center seems to have been left behind as malls swiftly mushroomed elsewhere in Metro Manila and in key provincial cities.
"Plans for the Center’s renovation were made as early as two decades ago," said Jorge Araneta, chairman and president of the Center’s developer, Progressive Development Corp.. "The process of planning was delayed for one reason or another like Ninoy Aquino’s death and the series of coups staged by Gringo Honasan."
Based on the Center’s redevelopment master plan, the first phase will involve the construction of interconnected pedestrian bridges, the upgrading of existing facilities into state-of-the art shopping and entertainment venues and the construction of a multi-storey mall beside a renovated Coliseum, all within an integrated, IT-oriented garden city environment.
The redevelopment will be undertaken within the framework of Quezon City’s Metro Centro project. Metro Centro aims to change the face – literally and figuratively – of the nation’s densest city. (There are 11,970 persons per square kilometer living in Quezon City). It envisions Cubao as a central business district that will host corporate offices as well as support facilities such as hotels, residential condominiums, entertainment and shopping centers.
"We’re looking for seven- to 10-year money. We are looking at various options, part local and part foreign, to fund the redevelopment," said Araneta.
Next on the agenda was the transformation of the Farmer’s Plaza from an old-line type shopping center into a vibrantly colored mall.
Ongoing are a new air-conditioned building where the old Automatic Centre used to be. The new building will operate like Tutuban in Divisoria where great buys can be had. New Frontier Theater and Ali Mall are being renovated. An area will be set aside for 12 trained elephants which customers can ride, pet and feed.
"The middle class will like the upgrade," said Araneta of the 800,000 customers who visit the Center daily. "I’ve always told people that Araneta Center is inflation- and recession-proof because of our middle-market clientele. I’ve noticed that in an economic crisis, the first people to get hit are the rich people and the buyers of high-end luxury goods. The next to be hit are the very low-end market."
Araneta, who took over the family business in 1972, knows what he’s talking about. During his watch, PDC saw its profits go down only once – the year after the 1997 Asian financial crisis.
"We’ve always had an idea of leaving a legacy," Araneta said of the ongoing redevelopment that hopes to create the world’s largest shopping center by adding 600,000 sqms. to the existing facilities of Araneta Center. "It was just a question of timing."