SM PRIME Holdings, Inc. (SM Prime) will open its 87th mall, SM City J Mall in Mandaue City, Cebu on Friday (Oct. 25), the company announced on Wednesday.
The four-level mall, located along A.S. Fortuna Street in Barangay Bakilid, has over 100,000 square meters of gross floor area that offers various retail, dining, and entertainment options.
“The opening of SM City J Mall reflects our confidence in the robust economic growth of Central Visayas. This new mall is designed to cater to the increasing demand for premium commercial and lifestyle experiences in Mandaue City,” SM Prime President Jeffrey C. Lim said.
“Our expansion into thriving regional hubs like Mandaue City is integral to our strategy of driving economic progress across the Philippines and delivering sustainable value to our stakeholders,” he added.
SM Prime said that about 80% of SM City J Mall’s gross leasable area has been pre-leased, led by anchor tenants such as The SM Store, SM Hypermarket, SM Appliance Center, Watsons, Uniqlo, Levi’s, Miniso, Pet Express, Sports Central, Ace Hardware, BDO, and Chinabank.
The mall will have two director’s club cinemas, a food hall, lifestyle services, and parking for 1,000 vehicles.
Mandaue City is a first-class city in the central-eastern coastal region of Cebu province.
It is the industrial hub in the Central Visayas region and houses about 10,000 industrial and commercial locators.
The Central Visayas region had the highest economic growth rate among regions last year, expanding by 7.3%, based on Philippine Statistics Authority data.
In September, SM Prime Executive Committee Chairman Hans T. Sy said the company is prioritizing the expansion of its mall business in the Philippines due to competitive advantages. SM Prime also has eight malls in China.
SM Prime shares fell by 1.41% or 45 centavos to P31.40 apiece on Wednesday. — Revin Mikhael D. Ochave