SM sticking to plan to build 5-7 malls a year despite pandemic disruptions

Nika Lazo, ABS-CBN News

<div class='embed-wrap'><figure data-feedback='fb:likes,fb:comments'><img src='https://sa.kapamilya.com/absnews/abscbnnews/media/2020/news/05/28/20200527-sm-north-new-normal-jc-9661.jpg' ><figcaption>Physical distancing and other protocols to curb the spread of COVID-19 are implemented inside a mall in Quezon City on May 27, 2020. <em>Jonathan Cellona, ABS-CBN News</em></figcaption></figure></div><p>MANILA - SM Supermalls is sticking to its plan to build 5 to 7 malls every year until 2024 despite the disruptions caused by the COVID-19 pandemic, the mall operator said on Wednesday.</p><p>SM adjusted their timeline to five years, from their earlier target of delivering 17 new malls from 2020 to 2022.</p><p>"Because of the restriction in construction...it has slowed down [opening of new malls]. But we are business as usual, the plan has not changed. We have adjusted our timetable, but for our five-year business plan, it's still the same," SM Supermalls President Steven Tan said.</p><p>Despite the pandemic, SM managed to open two regional malls at the end of 2020 namely, SM Mindpro in Zamboanga and SM City Butuan.</p><p>The country's biggest mall chain also expects the number of mall-goers to go back to pre-pandemic levels by the latter part of 2021, as it bets on the rollout of COVID-19 vaccines starting this year.</p><p>Tan said 2021 is a "year of recovery", noting that their malls' foot traffic already increased to more than half of the volume seen in 2019</p><p>"We started with 18 percent [at the height of] the pandemic... we are now at 50 percent to 60 percent of pre-COVID level," Tan said during a business forum on Wednesday.</p><p>While consumer confidence is not yet fully restored, Tan said SM is learning from its malls in China on driving foot traffic and using technology.</p><p>"China is now back to normal [capacities]...There is now more spending, and they innovate and use technology very early...[We ensure that] a brand has to be shoppable and shippable," he added.</p><p>SM has 8 malls in China and is constructing SM City Yangzhou and Phase 3 of SM City Xiamen at present.</p><ul class='op-related-articles'>	<li><a href='https://news.abs-cbn.com/business/06/21/19/sm-plans-5-to-7-malls-each-year-in-next-5-years-says-coo'>SM plans to open 5 to 7 malls each year in next 5 years, says COO</a></li></ul><figure class='op-interactive'><iframe height='315' src='https://www.youtube.com/embed/JAoZxGIe4lE?enablejsapi=1' width='560'></iframe></figure><div class='iwantbar'>Watch more in <a href='//www.iwantv.com.ph/'>iWantv</a> or <a href='//tfc.tv/'>TFC.tv</a></div>

<p>Despite the pandemic, SM managed to open two regional malls at the end of 2020 namely, SM Mindpro in Zamboanga and SM City Butuan.</p><p>The country's biggest mall chain also expects the number of mall-goers to go back to pre-pandemic levels by the latter part of 2021, as it bets on the rollout of COVID-19 vaccines starting this year.</p><p>Tan said 2021 is a "year of recovery", noting that their malls' foot traffic already increased to more than half of the volume seen in 2019</p><p>"We started with 18 percent [at the height of] the pandemic... we are now at 50 percent to 60 percent of pre-COVID level," Tan said during a business forum on Wednesday.</p><p>While consumer confidence is not yet fully restored, Tan said SM is learning from its malls in China on driving foot traffic and using technology.</p><p>"China is now back to normal [capacities]...There is now more spending, and they innovate and use technology very early...[We ensure that] a brand has to be shoppable and shippable," he added.</p><p>SM has 8 malls in China and is constructing SM City Yangzhou and Phase 3 of SM City Xiamen at present.</p><ul class='op-related-articles'>	<li><a href='https://news.abs-cbn.com/business/06/21/19/sm-plans-5-to-7-malls-each-year-in-next-5-years-says-coo'>SM plans to open 5 to 7 malls each year in next 5 years, says COO</a></li></ul><figure class='op-interactive'><iframe height='315' src='https://www.youtube.com/embed/JAoZxGIe4lE?enablejsapi=1' width='560'></iframe></figure><div class='iwantbar'>Watch more in <a href='//www.iwantv.com.ph/'>iWantv</a> or <a href='//tfc.tv/'>TFC.tv</a></div>

<p>SM adjusted their timeline to five years, from their earlier target of delivering 17 new malls from 2020 to 2022.</p><p>"Because of the restriction in construction...it has slowed down [opening of new malls]. But we are business as usual, the plan has not changed. We have adjusted our timetable, but for our five-year business plan, it's still the same," SM Supermalls President Steven Tan said.</p>

<div class='embed-wrap'><figure data-feedback='fb:likes,fb:comments'><img src='https://sa.kapamilya.com/absnews/abscbnnews/media/2020/news/05/28/20200527-sm-north-new-normal-jc-9661.jpg' ><figcaption>Physical distancing and other protocols to curb the spread of COVID-19 are implemented inside a mall in Quezon City on May 27, 2020. <em>Jonathan Cellona, ABS-CBN News</em></figcaption></figure></div><p>MANILA - SM Supermalls is sticking to its plan to build 5 to 7 malls every year until 2024 despite the disruptions caused by the COVID-19 pandemic, the mall operator said on Wednesday.</p>

<p>SM said their expansion plans were delayed due to the COVID-19 pandemic, but they still managed to open regional malls at the end of the year such as SM Mindpro in Zamboanga and SM City Butuan.</p>

SM said their expansion plans were delayed due to the COVID-19 pandemic, but they still managed to open regional malls at the end of the year such as SM Mindpro in Zamboanga and SM City Butuan.

SM sticking to plan to build 5-7 malls a year despite pandemic disruptions | ABS-CBN News

Business

Business

SM sticking to plan to build 5-7 malls a year despite pandemic disruptions

SM sticking to plan to build 5-7 malls a year despite pandemic disruptions