SM Plans to Build 5 to 7 Malls a Year until 2024

SM Supermalls announced its plan to build 5 to 7 malls a year until the year 2024, adjusting its earlier target of creating 17 malls from 2020 to 2022.

Steven Tan, SM Supermalls President, said “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,”

Tan said that this was a “year of recovery” and that foot traffic in malls has already increased to more than half the volume in 2019.

“We started with 18% [at the height of] the pandemic… we are now at 50% to 60% of pre-COVID level,”

Source: ABS-CBN