Brick and mortar businesses like shopping centers are continuously challenged by “clicks” or online formats and social media, according to Hans Sy, SM Prime Holdings president.
 
But the company will stick to its gameplan of developing four to five new malls in the Philippines each year, with a long- term goal of having 100 malls around the country.  
 
“That sounds like an impossible dream, but with your support we know we will be able to achieve this,” Sy said said in his address to retail partners at the SM Partners Summit in line with SM Supermalls’ 30th anniversary.
 
“Much has happened since we opened our first mall 30 years ago – – the retail landscape has become more global and competitive, technology has forever changed the way we live and do things, and customer tastes have changed along with the times
 
Sy said brick-and-mortar businesses like shopping malls “have evolved with the times, surviving major and economic political shifts and changing the Filipino lifestyle.”
 
In 1985, SM Founder Henry Sy,Sr. opened his first shopping mall, SM City North EDSA right after a political crisis when  interest rates were as high as 45 percent. The location of the mall was in the middle of nowhere.  
 
Malling became more of a phenomenon when SM Megamall in Mandaluyong was built in 1991 amidst an energy crisis. SM soon opened SM City Cebu in November 1993, its first provincial mall, which was followed by an aggressive expansion program in key cities around the country.   
 
In 2006, SM Mall of Asia in Pasay City was opened, SM’s premiere mall destination in the region. It soon introduced more upscale projects like SM Aura Premier in Taguig and expanded Megamall in 2014 with the Mega Fashion Hall. 
 
Steven Tan, senior vice president of SM Supermalls noted that today’s breed of shoppers are not the “shop and go” types. 
 
“Right now they’re very experimental. They really want the experience,” he said.  
 
In order to cater to this new breed and to enhance the shopping experience, SM has introduced more international retail brands, more food concepts as well as services like spas, dental clinics, and waxing salons, to name a few.   
 
Eleven years ago, the  food ratio in SM Supermalls was 5 percent of the tenant mix. This jumped to  30 percent at present.
 
As further proof that bricks do click, SM malls also introduced Cyberzone, the ultimate technology and lifestyle center which provides service centers and consumer electronics at a convenient location. 
 
Sy said that SM’s “iconic” malls will soon undergo changes to transform the malling experience to “a whole new level”.
 
The Podium in Ortigas, a venture with SM Keppel Land, Inc., “will elevate the lifestyle scene with premium retail and dining,” he said. 
 
The SM Mall of Asia will “break boundaries” as well “with an expansion plan that includes a rooftop botanical garden, a football field, a vast lifestyle area lit by a stunning sunset, a Galleon Museum and a theater for the performing arts.”