SM PRIME Holdings, Inc. is opening a new mall in Zamboanga City where the coronavirus-related lockdown has been more relaxed since mid-August.
In a Wednesday announcement, the Sy-led building developer announced that at the end of this week it is launching SM City Mindpro— its first Zamboanga City mall and Mindanao’s seventh centre.
The building would have about 38,000 square metres, with about 90% of the property already being granted to tenants.
SM Prime President Jeffrey C. Lim said in the report “the opening of SM City Mindpro in Zamboanga is testimony to the flourishing economic activities in Mindanao which raise the trust of SM Prime to continue its expansion plans in the area.
“We are pleased to welcome our fellow Zamboangueños to this new SM mall and to ensure each of the safety protocols implemented in accordance with the government guidelines.”
Unlike the Metro Manila lockdown—where much of SM Prime’s current mall footprint is located—Zamboanga City has been under “modified general community quarantine” since mid-August. This is the most comfortable type of government lockdown that makes further economic development.
“The relaxation of quarantine procedures in different parts of the world has contributed to the re-opening of industries that will help our economy bounce back faster. We hope that through SM City Mindpro, which offers a focal point for fiscal, social and cultural events, Zamboangueños can encounter the utmost convenience in finding critical resources as well as entertainment during these periods,” Mr. Lim said.
SM Mindpro will have four floors and a car park, with shops and services varying from a department store, a grocery, international discount chains, sporting products, fitness shops, hardware stores and a movie theatre, to name a couple.
Earlier this month, SM Prime also launched a new mall in Agusan del Norte to tap into the region’s increasing economic activity.
SM Prime accounted for P18.3 billion from the activities of Philippine malls in January-September, down 57% from a year earlier, owing to temporary mall openings and poor foot traffic.
Its attributable net profits fell by 48% to P14.37-B.