SM malls to rise in Butuan, Cagayan de Oro cities
By Leslie D. Venzon
MANILA, Aug. 26 (PNA) — Two more SM shopping malls will rise in Butuan City and Cagayan de Oro City in Mindanao next year.
“The Butuan mall will be (opened) around 2014 and Cagayan de Oro mall will follow suit…Construction has not yet started, we are still on the designing stage,” SM Supermalls assistant vice president Debby Go told reporters.
Go said the Cagayan de Oro City mall, a second SM shopping center in the area, will serve communities around the city as well as those from Iligan and Marawi cities.
She also sees a lot of growth potential in Butuan City being the center of the Caraga region.
The two malls will bring to six the total number of SM shopping centers in Mindanao.
SM currently has four malls in the island –the SM City Davao, the SM Lanang Premiere, SM City Cagayan de Oro and SM City General Santos City.
Go said the four shopping centers now account for four to five percent of SM Prime Holdings Inc.’s total revenues.
“We have a marching order to hit double-digit growth in terms of revenues and income (across all chains). On the region’s target, in terms of contribution to the entire SM Supermalls, it is just maintained at that rate,” she said.
SM Prime operates 47 malls all over the country with a total gross floor area of about six million square meters.
For the rest of 2013, it is scheduled to launch SM City BF Paranaque and five malls in China. (PNA)