By the end of the year, malls under the portfolio of SM Prime Holdings  will even be  bigger than the city of San Juan. 

At 6.3 million square meters of gross floor area, SM Prime’s malls will be a little bigger compared to the 5.94-million sq.m. size of the newest city in Metro Manila has. 

The 6.3 million sq.m. covers the 46 malls in the Philippines and five in China that SM Prime will have opened by the end of the year.

In the Philippines, the company has trained its sights on cities and provinces outside Metro Manila where residents’  spending capacity is increasing. 

“This is aligned with SM Prime’s strategy to bring SM’s mark of one-stop shopping and entertainment convenience into the provinces, where there are still a large number of unserved markets. SM Prime also brings with each mall its own brand of environmental engineering and design, and its SM cares program, which caters to the special needs of the elderly, the children, and breast feeding mothers. SM Prime also brings with new concepts that enhance the experience of its millions of customers,” the company said. 

“In the Philippines, our vision takes us now to urban centers such as Cebu, Davao, and key cities nationwide, where opportunities for growth exist. This supports our optimism and expectations of a stronger Philippine economy,” said company chairman Henry Sy, Sr. in his report to shareholders. 

All the five malls that the company will open this  year are located in key areas of provinces. In February, SM Prime opened the 46,869-sq.m. SM City Olongapo which is the first mall of the company in   Zambales. 

SM Prime said the opening of the mall is expected to “further enhance employment and business opportunities” in the city, many of whose residents of “have been enjoying an urban, modern lifestyle.” 

“Olongapo is a highly urbanized and first class city that is right next to the Subic Bay Freeport Zone, a former United States naval base that is now a major industrial tourism, and logistics hub. Olongapo is also known for its innovative urban management methods and has been cited by international organizations,” SM Prime said.

Prior to the mall’s opening, more than 80 percent of the mall’s retail space had already been awarded to various tenants that include SM Department Store, and SM Supermarket, BDO, Watsons, Ace Hardware, National Bookstore, Jollibee, and RFC, among others. 

SM City Olongapo was  followed by SM City Consolacio nin Cebu which is the second mall of the company in the province. It  has a GFA of 108,179 sq.m. 

SM City Cebu opened  nearly two decades ago.

Completing the last three which will be opened in the remainder of the year will be SM City San Fernando in Pampanga, Lanang in Davao, and General Santos in South Cotabato. 

The 42,625 sq.m. SM City San Fernando in Pampanga will be SM Prime’s third mall Pampanga after SM City Pampanga and SM City Clark, opened in November 2000, and May 2006, respectively. 

“SM City San Fernando answers the need for another SM Mall in Pampanga, as the province has clearly progressed through the years, benefiting from its established agricultural economy and its new thriving tourism industry that is highlighted by its popular local cuisine,” SM Prime said. 

SM Prime said the seven-storey SM City San Fernando, which is located in Pampanga’s business-friendly and highly developed capital, features an SM Department Store and an SM Supermarket as anchor tenants. It will provide, for the added convenience of mall-goers, a three-level parking building that directly connects to the shopping mall. Three cinemas will also be part of the major attractions in SM City San Fernando’s indoor entertainment area.

SM City Lanang, in Davao meanwhile will be SM Prime’s biggest mall scheduled to open this year and highlights the company’s confidence on the prospects of the province. SM City Lanang is the second SM mall in the province, after SM City Davao, which opened in November 2001, and will be part of a number of other developments in the 10-hectare property of the company in the area.

SM Prime intends to fully develop its property in Lanang into an impressive, integrated business, tourism, residential, and entertainment complex. The Lanang property would include the 200-room Park Inn Daval Hotel and SMX Davao Convention Center, among others. 

SM City Lanang will have four levels, including basement, and  a total GFA of 144,002 sq.m., with a customer parking area enough for 1,500 vehicles.

 “The mall’s offering are simply outstanding, matching those of SM Prime’s large malls in Metro Manila. For instance, it will have five cinemas plus an IMAX 3D-capable theater. On top of these, there will also be a theater set-up for live performances such as concerts. These however, just barely scratch the surface because in the pipeline of planned offerings are a Cyberzone, a bowling center, and a Science Discovery Center,” said SM Prime.

“SM City Lanang will host as major tenants SM Department Store, SM Supermarket, and Forever 21, among many others. There will also be a wide activity area with an elevated stage that willmake it suitable for big outdoor events,” it added. 

In SM City General Santos, the three-level 125,245 sq.m. shopping complex will be the company’s  first mall in the whole South Cotabato province.

GenSan has been fast progressing and is now a highly urbanized first class city and is one of the most populous urban centers in the country. Gensan is also the largest producer of sashimi-grade tuna in the Philippines. 

SM Cith General Santos will have SM Department Store, an SM supermarket, a Cyberzone, and a food court, said SM Prime. 

“Other offerings include four cinemas and one live theater set-up. It will have both open and covered parking areas which  could accommodate about 1,500 vehicles. A brightly colored al fresco dining area will also be made available,” the company said. 

“Without a doubt, all these five new malls will proudly provide to thousands if not millions of shoppers the SM brand of high quality service and best value products and will further ensure the sustainability of SM Prime’s growth and development,” SM Prime also said.

In China, SM Prime is set to open up its SM City Chongqing by September, which will complement the four existing malls of the company — SM City Xiamen and Lifestyle Center, SM City Jinjiang, SM City Quanzhou, SM City Chengdu, and SM City Suzhou. 

At 147,446 sq.m., SM Chongqing will be roughly similar to SM City Sta. Mesa, formerly SM Centerpoint.

SM Chongqing caters to the more than 30 million residents, of the city which is the heaviest populated city of China’s four provincial-level municipalities — Beijing, Shanghai, and Tianjin.  SM is set to open a mall in Tianjin two years from now.

“(Chongqing) has a rich industrial history and is now the largest center for mortocycle production in China. The city has several economic and technological development zones and is a major railway hub. Chongqing also has a booming tourism industry owing to its cultural heritage and natural attractions, and is the starting point for the Yangtze River Cruise, which explores the stunning scenery of China’s famous Three Gorges,” said SM Prime.

Jeffrey C. Lim, SM Prime chief finance officer, expressed confidence on the prospects of SM Chongqing, highlighting its potential to tap into the growing income level of the people in the area. 

“We eagerly look forward to opening the doors of SM City Chongqing this year. The city’s huge population and rising incomes ground our optimism with regard to the potential of the SM mall. It is a welcome addition to our other four SM malls. We expect SM City Chongqing to provide the same level of best value-for-money in all of its offerings, and one-stop shopping and entertainment convenience, for which the SM brand is known,” he said.

Even as more and more malls are constructed by SM Prime, it committed to open four to five malls every year in the Philippines, SM Prime’s chairman Henry Sy, Sr., remains confident that there is a vast untapped potential in the retail business of the Philippines as well as in China. 

“Even with 45 malls now holding 5.6 million sqm of gross floor area in the Philippines and China, SM Prime still sees much room for expansion. As such, we continue to invest heavily in both countries. Our budget for 2012 earmarks an investment of P14 billion for the Philippines and P7 billion for China,” he said. 

“We are also participating in the economic growth in China where personal incomes continue to rise. We already see our existing Xiamen and Jinjiang malls reaping the benefits of the focus, dedication and the innovative approach put in by the management team. In 2012, we expect to pen our fifth mall in Chongqing, which is one of the largest cities in China,” he added.

SM Prime president Hans T. Sy said they are committed to further improve their offerings to the satisfaction of customers. 

“As we continue our expansion program, this affirms our desire to provide our brand of products and services to progressive areas outside the National Capital Region since a good number of provinces and municipalities are fast turning into dynamic centers for business and commerce. Disposable incomes in these places are also rising, aided primarily by remittances of Filipinos abroad,” he said.