PASAY CITY, Philippines — Retail giant SM Prime Holdings Inc. (SMPH) is showing no signs of slowing down its physical footprint, officially announcing plans to open four brand-new shopping malls across the Philippines in 2026.
The expansion, confirmed by SM Prime President Jeffrey Lim, signals the company’s continued confidence in the resilience of Filipino consumer spending and the post-pandemic recovery of brick-and-mortar retail. The four new developments are strategically located to tap into growing urban hubs outside of Metro Manila, aligning with the group’s “Provincial First” growth strategy.
While specific names of all the sites are being finalized, the company confirmed that the upcoming 2026 pipeline includes SM City San Jose del Monte Altaraza in Bulacan and SM City La Union in San Fernando. These projects are expected to add hundreds of thousands of square meters to SM Prime’s massive gross floor area (GFA).
“Our focus remains on provincial expansion, where we see significant opportunities for modern retail formats,” Lim stated during a recent briefing. He noted that the 2026 launches follow a busy 2024 and 2025 schedule, which includes the highly anticipated opening of SM City Jervois and several mall redevelopments.
In addition to new builds, SM Prime is doubling down on “mall productivity,” investing heavily in the renovation of older flagship properties to include more green spaces, al fresco dining, and sustainable architecture. This “future-proofing” strategy aims to transform traditional shopping centers into community hubs that offer more than just retail.
The 2026 expansion is part of a larger capital expenditure program aimed at maintaining SM Prime’s dominant position as the largest mall operator in Southeast Asia. Beyond the malls, the company is also integrating these commercial centers with its residential and office developments to create “integrated lifestyle cities.”
Industry analysts view this move as a bold play against the rise of e-commerce, suggesting that SM Prime’s focus on “destination malls”—places where people go for experiences rather than just transactions—is paying off.
