SM PRIME Holdings, Inc., the mall operating arm of Sy-led conglomerate SM Investments Corp., opens today its fifth mall in China in Chongqing City, firming up its presence in the world’s second largest economy alongside plans of retail unit SM Retail, Inc. to lure more foreign fashion brands to the Philippines.

The new mall is seen in this artist’s sketch provided by SM Prime Holdings, Inc. SM City Chongqing, which has 149,080 square meters of gross leasable area, joins SM Prime’s existing malls in Xiamen, Jinjiang, Chengdu, and Suzhou, the conglomerate said in a disclosure yesterday.

“We are very pleased to open our fifth mall in China, SM City Chongqing, as we provide mall-goers with a one-stop shopping, dining, and leisure destination,” the disclosure quoted SM Prime President Hans T. Sy as saying.

“We believe Chongqing is a significant market, given the city’s huge population and its attractive growth prospects.”

With over 30 million residents, Chongqing City has been cited as a major railway hub with several economic and technological development zones as well as cultural heritage and natural attractions, SM Prime said.

The five-level SM City Chongqing, which is located in Chongqing City’s Yubei district, is already 85% occupied by various tenants, which include Vanguard Supermarket, Wanda Cinema, Vero Moda, Only, Jack & Jones, Kidswant, Watsons, and SM Department Store, the disclosure read.

SM City Chongqing is the sixth SM mall open this year, after SM City Olongapo in Zambales, SM City Consolacion in Cebu, SM City San Fernando in Pampanga, SM City General Santos in South Cotabato and SM Lanang Premier in Davao.

Two more malls are programmed for launching in China in the next two years in cities noted for their economic potential, Mr. Sy said.

“As we learn more about the market and gain acceptance in China, we intend to penetrate other cities that show promising economic progress,” he added.

After Chongqing, the pipeline includes the launching of [SM City] Zibo and [SM City] Tianjin in 2014.”

Aside from the Zibo and Tianjin malls, SM Prime said last April that it was eyeing as many as seven new properties in China for mall expansion as the firm positions to cash in on huge consumer demand there.

SM Prime was incorporated in 1994 to develop, conduct, operate, and maintain the SM group’s commercial shopping centers and related businesses, according to information posted on the Web site of the Philippine Stock Exchange.

SM Prime shares slid by eight centavos or 0.50% to P15.88 apiece at the closing of trades yesterday from their P15.96 finish last Wednesday.

MORE FOREIGN BRANDS
Meanwhile, SM Retail, a sister firm of SM Prime, said it is likely to introduce two new foreign clothing brands to the Philippines next year.

“There will be some next year,” Teresita T. Sy-Coson, SM Investments Corp. vice-chairman, told reporters during the BDO Unibank, Inc.-SM Christmas Party at the BDO Corporate Center, Makati City last Wednesday night when asked if the SM Group would be bringing in new foreign retail brands to the country next year.

“There will probably be two small brands — one from Europe and one from North America,” she explained, even as she declined to identify the brands.

Currently, SM Retail manages the local operations of Forever 21 and Uniqlo, which are American and Japanese clothing brands, respectively.

“For the two brands (Forever 21 and Uniqlo), I can tell you: they love the Philippines for business,” Ms. Sy-Coson said.

“They are happy with their sales, so they will continue here,” she noted.

Shares of SM Investments, SM Prime’s and SM Retail’s parent, lost P14.50 or 1.66% to P860.50 apiece yesterday from P875.00 last Wednesday.