“Mall operators should maximize the consumers’ willingness to visit brick-and-mortar spaces and participate in various activities held in activity centers. Events such as wedding fairs, concerts, bazaars, and even housing summits can entice more consumers to visit malls, stay longer, and even spend more”
Improving consumer demand on the back of sustained macroeconomic expansion and the enactment of measures that further relaxed the country’s retail regulatory environment will boost demand for physical space from foreign retailers.
Property consultancy Colliers said between the second and third quarters of 2023 alone, a number of foreign brands took up retail space in various Metro Manila locations: Nike Live in Alabang Town Center, Flying Tiger Copenhagen in Glorietta 4, Decathlon Connect in Robinsons Manila, Skoop in Uptown Mall, Clarks in Shangri-la Plaza, Yogorino PH in SM Sta. Mesa and MUJI in SM North Edsa.
“Mall operators should seize demand from foreign retailers planning to enter the country by taking into account their size and fit-out requirements,” Colliers said.
Colliers said the reactivation of activity centers and further curation of events will entice more mall goers, an opportunity that mall owners should not miss.
“Mall operators should maximize the consumers’ willingness to visit brick-and-mortar mall spaces and participate in various activities held in malls’ activity centers. Events such as wedding fairs, concerts, bazaars, and even housing summits can entice more consumers to visit malls, stay longer, and even spend more,” Colliers said.
The property consultancy also urged developers to use their renovation or expansion projects as an opportunity to expand F&B tenants and upgrade other retail features such as cinemas and activity centers.
For example, Collier said pockets of vacancies in malls could house more lifestyle- oriented retailers to attract more consumers and balance the rising popularity of online shopping in the country.
“In our view, redesigning of physical mall spaces should be complemented by the improvement of retailers’ online shopping platforms,” Colliers added.
