Philippines’ SM Prime Holdings to open four new malls in 2024

It is part of the company's strategy to expand its presence nationwide.

SM Prime Holdings, Inc. has announced plans to inaugurate four new malls throughout the Philippines this year.

One of these malls will be strategically situated in Metro Manila, whilst the remaining three will be established in provincial areas.

"We will continue to invest in growth in the Philippines and we are committed to being a catalyst for responsible development. We have a young, dynamic, higher-earning population who will help support and drive economic activity," said SM Investments Corporation President and Chief Executive Officer Frederic C. DyBuncio in a statement.

"Our strategy is to continue to expand coverage nationwide to create new markets that improve access to these sectors," he added.

With several regions still lacking access to modern retailing, financial services, and property developments, SM Group said it aims to fill these gaps.

SM Development Corporation also aims to introduce 8,000 to 10,000 residential units across Northern Philippines, Visayas, and Mindanao this year.

Additionally, SM Hotels recently launched its inaugural Lanson Place property at the Mall of Asia Complex, Pasay City.

Alfamart, SM's minimart grocery format, also plans to expand its store network by at least 400 outlets throughout 2024.

The banking sector under SM's umbrella, represented by BDO and BDO Network Bank, is set to bolster its nationwide coverage with an anticipated increase of 100 to 120 branches this year.

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Expanding its energy portfolio, following the acquisition of the Philippine Geothermal Production Company, SM is embarking on exploring new steam fields with the aim of doubling the company's current steam production of 300 megawatts within the medium-term horizon.

Moreover, 2GO Group, Inc., a subsidiary of SM, has expanded its fleet with the addition of two new ships, bringing its total to 11 vessels serving 19 ports of call.

Additionally, Airspeed, another logistics arm under the SM conglomerate, is focused on augmenting its distribution facilities in key cities across various regions.