MANILA - Malls in the Philippines are unlikely to be replaced by online channels soon, as millennials seeking to spend on experiences drive demand for restaurant space, a property consultant said Monday.
Food and beverage now account for 40 percent of mall space, compared to 60 percent for retail. The sector used to account for just 20 percent, according to data from Leechiu Property Consultants.
"These malls in Asia have one thing in common, they are utilitarian malls," said the consulting firm's CEO, David Leechiu.
Malls in the Philippines, unlike in the US, are very accessible to consumers, located in "high-density" areas with office and residential buildings.
Citing a Credit Suisse study, Leechiu said 20 to 25 percent of malls in the US may close in the next 5 years as online shopping grows.