CityMall Commercial Centers Inc., a subsidiary of DoubleDragon Properties Corp, plans to open 100 malls in the provinces by 2020. Photo by: CityMalls Philippines Facebook page
MANILA – DoubleDragon said its shopping mall arm would be a "great growth driver," notwithstanding the rise of electronic shopping platforms.
CityMall Commercial Centers Inc, which targets emerging urban centers, plans to open 100 outlets in the provinces by 2020, DoubleDragon chief investment officer Hannah Yulo said.
"If you’re in the province, I don’t think you’ll buy your eggs online. That’s why CityMall is a great growth driver because it’s ready for the future," Yulo said.
"We won’t be hit by e-commerce because all the retail that we have typically are basic necessities," she added.
Consumers spend an average of P2,000 in shopping malls to buy grocery items and to eat out, Yulo said.
Brick and mortar malls around the world are reeling from the rise of electronic retailers.
Online marketplace Lazada alone boasts of some 10 million customers, or roughly a tenth of the population.
DoubleDragon earlier said it planned to sell up to P7.5 billion worth of new shares to help fund its expansion plans. A portion of the capital will be used for future acquisitions, Yulo said.
Established by billionaires Edgar “Injap” Sia and Tony Tan Caktiong, DoubleDragon has interests in community malls, office space, industrial leasing and hospitality.