MANILA, Philippines – Are more Filipinos out and about shopping?
Ayala Land Incorporated (ALI) saw a 10% increase in foot traffic across its malls in 2024. This has boosted the property giant’s optimism as it continues to plot its retail expansion with the addition of new malls and the renovation of existing ones.
“We have, including the renovations, about 700,000 square meters of mall space that’s currently either under planning or construction so we have a lot of conviction in the market,” said Mariana Beatriz Zobel de Ayala, group head of leasing and hospitality at Ayala Land, on Thursday, January 30.
Zobel noted that its newer malls — those either constructed right before the COVID-19 pandemic hit in 2020 or were launched right after — are doing well.
Without giving specifics, she said One Ayala, the intermodal transport hub along EDSA, grew five times in sales. Aside from the transport terminal, One Ayala is also home to branches of Filipino beauty brands and a great place for meals for those in between their commute — Krazy Garlik reopened and found a place there, Singapore’s Ya Kun Kaya Toast opened a branch at the mall, and Malaysian cake shop Secret Recipe has a spot on the second level.
Zobel also said Ayala Malls Manila Bay, which has an indoor roller skating rink and a LEGO Certified Store, saw its sales nearly double.
“We have a lot of conviction in the Filipino consumer,” Zobel said.
The company’s revenues in the first nine months of 2024 was also buoyed by consumer activity, apart from resilient property demand. ALI scored a 27% increase to P125.2 billion in consolidated revenues from January to September.
Progress in renovations
Meanwhile, the company said it is making good progress on renovating some of its flagship malls, some at around 40% to 60% complete. These malls include Glorietta and Greenbelt 1 in Makati City, TriNoma in Quezon City, and Ayala Center Cebu.
ALI earlier said they are spending P13 billion to cover for the renovations.
The company already gave the public a preview of what’s new in Ayala Center Cebu, which Zobel noted was “enjoyed” during the Sinulog season.
“The renovations are on track and it’s creating a lot of excitement with our tenants,” she said, adding that they are working on refreshing their tenant mix in the malls.
“It’s really promising,” Zobel said. “[There’s] a lot more to come as this year, we’ve also identified about 30,000 square meters that we’re going to be refreshing in terms of concepts. So, beyond just the physical experience, we’re focusing on the programming within the mall as well.”
Meanwhile, the company is also preparing 78,000 square meters of retail space, which includes the first phases of its malls in Imus City in Cavite; Arca South in Taguig City; and Solenad 4 in Sta. Rosa, Laguna. – Rappler.com