MEGAWORLD Corp. is targeting 1 million square meters (sqm) of retail gross leasable area by 2030, with plans to build new lifestyle malls in four areas and expand its existing portfolio under newly appointed Megaworld Lifestyle Malls head Javier Hernandez.
The property developer plans to break ground on new malls in Cavite, Rizal, Pampanga and Bacolod City between 2026 and 2027 as it expands its retail presence across its townships, the company said on Thursday.
Megaworld, a subsidiary of conglomerate Alliance Global Group Inc., also plans to explore new retail and commercial formats over the next five years to accommodate changing consumer preferences and provide more opportunities for retail partners.
Hernandez succeeds Graham Coates, who led the lifestyle mall business for eight years. He brings more than 30 years of experience in property development, retail, hospitality and tourism, including about two decades in mall operations and management.
“As we work toward our target, our focus will be on growing the business responsibly while continuing to strengthen our existing destinations,” Hernandez said.
He added that the company would focus on improving customer experience, introducing new retail concepts and developing formats that would complement the growth of Megaworld’s townships.
Megaworld Lifestyle Malls currently operates 27 lifestyle malls nationwide. Its recent developments include the Imperial Wing at Lucky Chinatown and The Shoppes at McKinley West, while Eastwood Mall has undergone redevelopment.
Under Coates, the company also brought Tesla’s first Philippine Experience Center to Uptown Bonifacio and expanded international retail brands KKV and Nitori across its townships. Its entertainment offerings include Uptown Tempur Cinema and the REP Eastwood Theater, the permanent home of Repertory Philippines.
Alliance Global President and CEO Kevin Tan said Hernandez plans to expand the business while bringing in international brands and creating more opportunities for Filipino retailers.
The planned mall openings form part of Megaworld’s broader effort to expand the retail component of its township developments, which combine commercial spaces with residential, office and leisure facilities.
Megaworld shares on Thursday added P0.03, or 1.36 percent, to close at P2.23 each amid a 0.82-percent rise for the benchmark Philippine Stock Exchange index.