CPVDC plays host to 60 merchants at ‘The Walk’

Cebu Property Ventures and Development Corporation (CPVDC) recently opened its first food, retail and entertainment facility at the 25-hectare Cebu Asiatown IT Park.

The facility called “The Walk” houses 60 food and beverage, lifestyle outlets to meet the increasing demand for entertainment outlet options to the growing Business Process Outsourcing (BPO) workers within the cyberpark.

The Ayala Center Cebu management team will operate the “The Walk” facility, formerly known as “The Village.”

CPVDC president and chief executive officer (CEO) Francis O. Monera said that despite the threat of a looming decline in the retail industry, Cebu’s retail sector is seen to withstand the threat saying it has continuously sustained the dynamism, because of strong investments especially in the BPO sector.

During the soft opening of “The Walk” held recently, some outlets have already opened such as coffee brand Figaro, Shakey’s, Pier One restaurant, Mc Donald’s, La Maria, soon to open are Spa and Wellness facilities, Mercury Drug, among others.

He said the Cebu’s dynamic market has encouraged the CHI, the holding company of CPVDC, to expand actively in the entertainment and retail segment, with the rapid growth of personal consumption expenditure.

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

Within this year, CHI will also open its Ayala Center Cebu shopping mall expansion, the Lagoon. This will provide additional and high-breed entertainment and shopping facilities to Cebu.

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 five-star BPO enclave in the Phase of the Asia Town 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.

Monera said Cebu’s retail industry including dining and entertainment are, so far not affected by the declining value of the US dollar against the Philippine peso.

He also 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. – Ehda M. Dagooc