Upbeat retail market fuels Cebu Holdings expansion

Cebu’s dynamic market has prompted Cebu Holdings Incorporated to expand actively in the entertainment and retail segment which is largely influenced by the rapid growth of personal consumption expenditure.

CHI, along with its subsidiary Cebu Property Ventures and Development Corporation (CPVDC), are set to open two major projects for commercial and lifestyle destinations in the third quarter this year.

CHI president Francis O.Monera said the lagoon expansion will initially open at least 60 outlets that will be offering food, entertainment and wellness joints, as well as specialty shops.

The opening of the lagoon area will introduce another dimension of leisure and entertainment destinations in Cebu.

CPVDC on the other hand, will open its first commercial, shopping and lifestyle complex at the Asiatown IT Park, also in the third quarter of 2008, the site within the park where “The Village” used to be located.

He said Cebu has a good blend of economic drivers, with good concentration of OFWs, growing BPO workers, tourists, and out-of-town shoppers.

The retail (and entertainment) business is very promising in Cebu, Monera said. In fact, he said after the opening of these two major retail and entertainment destinations, the company will immediately begin the construction of the five-star BPO enclave at the IT Park.

In the BPO Enclave, Monera said the company will also put a retail strip within the area that will be managed by the Ayala Center Cebu Mall management team.

Soon, the company will unveil the names of these two entertainment and shopping destinations, he said.

About 15 tenants will open their shops at the IT Park entertainment and retail hub by the third quarter of this year.

According to Monera, Cebu’s retail, including dining and entertainment landscape has not yet been affected by the declining value of the US dollar to the Philippine peso, in fact he stressed that Cebu’s position as the top eight OFW earning province has fueled the growth of retail, dining, entertainment, and other leisure related businesses in Cebu.

Meanwhile, a number of building projects are now being constructed at the 60-hectare Cebu Business Park (CBP).

These buildings that will soon rise at CBP include; Lexmark Research and Development Corporation, Rizal Commercial Banking Corporation (RCBC), China Bank, Tower Palace and Creativo.