Up Next for SM: New Malls in Batangas, Laguna, and La Union... and SM Harrison Plaza
SM, the country’s largest retailer and one of the largest property developers in Asia, is celebrating 65 years this year but it is showing no signs of slowing down. Its mall business, in particular, is on a roll. In May, SM inaugurated its 83rd mall in Balanga City, Bataan and malls number 84 and 85 are not far behind.
According to SM Supermalls President Steven Tan, the company is on track to open two more malls before the end of the year: one in Sto. Tomas, Batangas, and another in San Pedro, Laguna.
Five more giant malls will open next year, including two in the Ilocos region: one in Laoag City, the first SM mall in Ilocos Norte; and the other in the province of La Union.
Tan said the next few months and years will see significant upgrades to and expansion of its flagship malls SM Megamall and SM Mall of Asia, as well as its two malls in Cebu—SM City Cebu and SM Seaside City. He also revealed the opening of the company’s second Arena, which will be located in the Queen City of the South.
And for those missing Harrison Plaza, one of the oldest malls in Metro Manila, Tan said, a new SM mall will rise in the old site in the City of Manila.
Tan revealed the plans during his speech at the Tenant-Partners Summit on Monday (September 4) at SMX, which served as the kickoff activity of the company’s 65th anniversary this year. The keynote speaker was bestselling author, podcast host, and thinker Malcolm Gladwell, who talked about the shifting landscape of retail and how businesses can communicate with and understand their customers better, particularly young people.
During a short conversation with Esquire Philippines before the event, Tan also shared a special activity happening one day in October 2023.
“On our Founders’ Day, we are charging only P65 for movies and for ice skating, in the malls with an ice skating rink,” he said. SMDC (SM Development Corporation), which is also under the SM Group, will bring a Korean actor to the country, but I will let them announce it at the proper time.
“This is a groupwide celebration to mark 65 years,” Tan added. “This is the kickoff event, under SM Supermalls, but all the business units will have something going on.”
SM, which was founded by the late tycoon Henry Sy Sr., is the country’s largest conglomerate, with interests in retail, banking, property development, and hospitality. As of September 2023, the company had a market capitalization of over P1 trillion.