SM Now Has as Many Malls as There are Provinces in the Philippines
On Friday (October 28), SM Prime Holdings, one of Southeast Asia’s largest property developers, is opening its newest shopping mall in the Bicol region. SM City Sorsogon is located in the heart of Sorsogon City in Sorsogon province and is SM’s 81st mall in the country. That means it now has as many malls as the Philippines has provinces.
SM City Sorsogon is located along Maharlika Highway, Balogo, East District, and spans 40,000 square meters of gross floor area. It has two floors for retail, dining, and entertainment spaces. It is the fourth mall in the Bicol Region, after SM City Naga, SM City Legazpi, and SM City Daet.
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According to a news release, SM said 85 percent of the mall’s leased space has already been awarded by the time the mall opens. Tenants and retailers that shoppers can already visit include The SM Store, SM Supermarket, Watsons, Miniso, Surplus Shop, Ace Hardware, Sports Central, SM Appliance, BDO, Levi’s, and Crocs.
The mall will also feature three SM Cinemas, a FoodCourt, Cyberzone, and wellness and services hubs. There will also be parking space for more than 700 slots as well as a public transport terminal.
“We’re glad to finally welcome our fellow Sorsoganons to SM City Sorsogon and deliver fun, convenient, and great shopping and dining experiences to the locality and beyond,” SM Prime President Mr. Jeffrey Lim said. “Likewise, SM Prime is committed to providing opportunities for local businesses and talents to thrive and grow while developing sustainable projects anchored on world-class amenities and entertainment for every Filipino to enjoy.”
Of SM’s 81 malls, 57 are in the provincial areas and 24 are in Metro Manila.
For the first six months of 2022, SM Prime reported gross revenues of P47.05 billion and net income of P14.1 billion, up 13 percent and 21 percent respectively from figures during the same period a year earlier.
