"Rather than eating up the pie, we’re making the pie bigger now," Sy was quoted as saying in The Visayan Daily Star last Friday.
He cited similar experiences in places like Pampanga, Baguio and Davao where the entry of SM malls has not disrupted local industries.
The 600,000-square meter SM City Bacolod, dubbed as the "Mall of Asia" in Bacolod, is the 28th supermall of SM Prime Holdings that opened last week.
While SM presently focuses on developing shopping centers, Sy revealed that they are also studying the idea of constructing a convention center in the city, according to The Visayan Daily Star.
Also, the expansion of SM’s supermalls in Cebu is being discussed, the newspaper reported.
Bacolod Mayor Evelio Leonardia sees the opening of SM City Bacolod as "a symbol of investor confidence" in the city, The Visayan Daily Star quoted the public official as saying.
"It is up to us to sustain, maintain and see to it that there is continuity in the growth and progress of Bacolod," Leonardia said.
The two buildings of SM City Bacolod are connected by bridgeways, and boasts of a breathtaking view of the bay of Guimaras Strait.
It has 119 stores, the report said, that answer the needs of shoppers from fashion to home improvement, shoes to computer items, among other merchandise and services.
The mall has an al fresco dining area called the Fiesta Strip, The Visayan Daily Star said, as well as an events center and a theater "that can be converted into a venue for concerts, plays, product launches and conventions."
Sy said he was happy with the opening of the new SM mall, the newspaper reported, adding he believes the people of Bacolod deserve nothing but the best.
He reported that the mall has generated a total of 7,000 jobs – 3,500 hired by direct employment, and the others by mall tenants.