Retail dominance: SM City JMall launched
SM Prime will open SM City San Fernando La Union and SM City Laoag in 2025. SM City Cebu’s re-development will also be completed next year. SM is targeting to have a portfolio of 100 malls in the country by the end of 2027.
SM JMall, Mandaue City, Cebu.
PHOTOGRAPHS COURTESY OF SM SUPERMALLS
SM Prime Holdings, the Sy-led integrated property developer, officially opened its fourth mall in Metro Cebu with SM City JMall.
The new development, formerly J Centre Mall, follows the opening of SM City Caloocan last May, bringing the Sy’s total malls across the country to 87.
In a disclosure to the Philippine Stock Exchange on 23 October, SMPH president Jeffrey Lim said SM City JMall’s opening reflects the company’s confidence in the robust economic growth of Central Visayas.
The City of Mandaue is a first-class highly-urbanized city located in the central-eastern coastal region of the island province of Cebu. It is the industrial hub in the Central Visayas region and hosts around 10,000 industrial and commercial locators.
SM Prime Holdings chairman of the Executive Committee Hans Sy (right) and distinguished guests LH Paragon Group chief financial officer Edmun Liu and Jonas Cortes.
SM Malls president Steven Tan.
According to data from the Philippine Statistics Authority, Central Visayas posted the highest economic growth rate among the country’s 17 regions in 2023, expanding by 7.3 percent.
“As a matter of fact, I find the ones in the province more challenging but I see more future,” Hans Sy tells DAILY TRIBUNE.
“Everytime we reach the level of 90 percent the last 10 percent is the hardest. In the provincial it’s above 70 percent parin so there’s more growth potential,” Sy added.
SM bought JCentre Mall, which closed its doors on 31 January 2023, from Ever Just Realty Development by Cebuano businessman Justin Uy. The acquisition was announced in early 2023.
