Magazines Archives - 2011 Feb
SM Prime to pilot new shopping centre format in the Philippines
PHILIPPINE business conglomerate SM Prime Holdings Inc is planning to change the public market scene in the Philippines by introducing a shopping centre format that will transform malls into retail complexes for public vendors.
To do this, the company is set to invest Php500 million (US$11.3 million) into the pilot project, which is located in Dasmarinas, Cavite, SM Primes executive vicepresident and CEO, Jeffrey Lim, told local media.
Public markets are usually rundown now. Those local governments have the funds to redevelop [the markets] but they have other priorities in providing basic services to the people [The Dasmarinas branch] will be [our] pilot project, where we are converting a public market into a formal retail mall, he stated.
Construction on the new 30,000sqm centre has begun, the company revealed, adding that it will operate the centre via a long-term lease with the local government units (LGUs) for a 25-year period, with the option to renew the contract for another 25 years.
We pay [the local government] rental for the property. On top of that, in a way, we can improve the service and quality and we will be able to maintain the area, he continued.
The four-storey Dasmarinas centre, which is slated to open by the fourth quarter of this year, will have a semi-basement for wet and dry markets, Lim explained, while the ground floor will house a hypermarket as well as food stands.
The second level of the mall will be leased to third-party tenants, and the top floor will house a carpark bay.
SM Prime is also planning to open a record number of eight malls this year, including the pilot project, Lim concluded.
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