CEBU, Philippines - Despite the snail-paced economic recovery in 2010, Ayala Center Cebu (ACC) reported an encouraging performance with an increased sales growth of eight percent.
Maria Clavel G. Tongco head for retail business group revealed that the operation initiatives implemented in the mall resulted to the better performance, in the backdrop of sluggish economic growth.
“The growth in the mall performance allows us to identify expansion opportunities even while we face challenges in the business environment,” said Tongco.
A considerably significant increase of seven percent was seen in the average daily traffic, coupled with higher usage of car-park facilities with an increase of six percent.
At year-end, ACC maintained a higher lease occupancy rate with an average of 97 percent.
“Shoppers embraced the opening of more shops which brought in more foreign, popular and fashion forward brands and specialty stores that perfectly suit their preferences,” she said.
ACC continues to be the main revenue source of Cebu Holdings Inc. (CHI), an affiliate of Ayala Land Inc. (ALI).
The mall registered total revenues of P677 million due to higher occupancy rate and sales growth.
CHI president and chief executive officer (CEO) Francis O. Monera said that the company continues to diversify the retail mix at the mall, ending the year with a 97 percent occupancy.
Ayala Center maintains its status as the preferred lifestyle destination in the region with average foot traffic of almost 90,000 a day and car park occupancy growth of seven percent compared to the previous year.
Early last year, the mall launched new components in the mall to address the needs of changing market.
The Active Zone, inaugurated early last year, which features sports and fitness brands for an active lifestyle.
Other areas launched include the Service Hub, a 3D digital cinema and the PUV Terminal.
The Terraces continues to be a favorite among Cebuanos and tourists alike with its variety of dining and lifestyle options. The Terraces ended the year with an award of recognition from the International Council of Shopping Centers for its outstanding achievement in marketing and design development,” Monera reported.
According to Tongco, the remarkable performance of Ayala Center Cebu proved ‘once more’ that the company is on track in addressing opportunities and gaps “as we continue to face challenges within the business environment.”
“The mall’s thrust of providing the market with a redefined cosmopolitan lifestyle experience keeps Ayala Center Cebu as the top choice of the markets its serves,” Tongco concluded.