MANILA - Malls should provide more services to help their tenants whose businesses were affected adversely by the COVID-19 pandemic, the head of Ayala Corp (AC) said on Wednesday.
Jaime Augusto Zobel de Ayala, CEO of AC, said that mall operators need to adapt to challenges posed by the COVID-19 crisis.
Ayala Land, which operates Ayala Malls, saw its net income drop 70 percent in the first half partly because the pandemic shuttered malls and kept shoppers away.
“We built a lot of brick and mortar to help retailers cater to customers. I think that will change,” Zobel said during an online briefing with the Financial Executives of the Philippines (FINEX).
These added services may come in the form of logistics or more storage space for the stocks of their tenants, Zobel said, as online shopping grows in popularity.
Last month, Ayala Malls launched its online Neighborhood Assistant service that allows customers to shop by visiting the website of the Ayala Mall near them.
SM Prime Holdings, the country’s biggest mall operator, also said in June that it was investing P100 million on expanding its e-commerce presence as the COVID-19 pandemic kept consumers out of malls.
- With a report from Warren De Guzman, ABS-CBN News