MANILA - SM is set to open 4 new malls in the Philippines, and 1 in China this year. 

Steven Tan, president of SM Supermalls said they are also adopting a more "curated" approach to mall design which takes into account the unique lifestyles of the communities that they will serve. 

Tan said one of their new malls set to open in La Union, will incorporate the same surfing vibe that the province is known for. 

Another mall, set to open in Santa Rosa, will have a 1-hectare indoor garden that is airconditioned, to cater to the more affluent market in the Nuvali area. 

However, Tan also said that they are not focusing on the affluent market like another large property firm is doing, even amid high inflation and interest rates. 

The company also said that it is expecting revenues and sales to further grow this year as OFW remittances and the BPO industry remain strong. 

Shoppers have also moved beyond "revenge spending" following the pandemic, and SM's results last year have even surpassed pre-pandemic levels, Tan said.

EDITORS NOTE:

An earlier version of this story said that SM was opening a total of 5 malls in the Philippines this year. But the company clarified that only 4 malls in the country are set to open in 2024. We regret the error.