SM Supermalls is maintaining a bullish outlook on its near and medium-term prospects despite an increasingly challenging and complex economic environment.

At a Tuesday morning press briefing, SM Supermalls president Steven Tan said the company’s revenue reached P41.8 billion, up 8 percent year on year, while same-store revenue grew by 48 percent.

“[Our] long-term occupancy has been the highest ever since we [began operating] SM Supermalls. We are at 96 percent occupied,” he said.

Occupancy nearly 100% full

“So basically, our occupancy is really almost 100 percent full. But for us, these numbers are also a reflection of something very important: Filipinos continue to choose to spend their time with us at SM Supermalls,” Tan added.

Tan acknowledged the pressures the onset of the national energy emergency in March has placed on the company’s tenants, particularly through higher electricity and fuel costs.

“The challenge right now is more on the cost of doing business. We’ve never experienced [these kinds] of charges per kilowatt-hour,” he said.

However, Tan noted that the energy shock has prompted consumers to alter their behavior, contributing to the malls’ solid performance in the first six months of 2026.

He said higher electricity and fuel prices have resulted in customers spending more time at their malls, fueling consumption.

“We noticed that in our car park, they stayed for another hour,” he said. “Because the oil prices, when they go up, you don’t want to keep on driving around because it consumes a lot of gasoline, right? So if the dwell time becomes longer, then they consume everything in an SM Mall.”

Foot traffic also increased

SM Supermalls VP for Marketing Joaquin San Agustin added that foot traffic at its malls has also increased this year.

“Our sales are up particularly from last year. So basically, almost all categories are relatively holding [their] own. But the ones that are performing very well are really the casual dining,” he said, noting that the company’s food courts have also performed “very well.”

Tan said the company remains optimistic about its future plans, including its 91st flagship mall, SM Nuvali, which is slated to launch on 27 November, as well as the planned opening of two tennis courts at SM Aura in Taguig.

He added that the upcoming Christmas season — which Filipinos typically start celebrating in September — should likewise boost the company’s performance for the rest of the year.

More holistic leisure experience

Tan said the malls’ healthy tenant mix, along with expanded offerings for sports, leisure and family-oriented activities, will provide Filipino consumers with a more holistic leisure experience.

“The tagline, ‘we’ve got it all for you,’ works well for us. Actually, everybody seems to have that in their mind, but with SM, we’ve got it all for you.”