SM is still aiming to have 100 malls by 2028 despite construction and logistics delays that have pushed back the opening of some projects.
SM Supermalls expects to end the year with 91 malls and remains focused on its five-year expansion plan, company President Steven Tan told reporters on Tuesday.
“Some of them have adjusted, it’s [been] late, but only for a couple of months. It’s still on for the five years, the exact number,” he said.
Tan said delays could arise from construction, logistics and supply issues.
“Those things happen, but we are still focused on finishing ... our commitments to the public,” he said.
Among the projects expected to open next year are malls in Tagum in Davao del Norte and General Trias in Cavite. The company is also planning the redevelopment of Harrison Plaza, which Tan said could open by late 2027 or early 2028.
“There’s Bohol. There’s Malolos, Bulacan, which we’re very, very excited with,” he said, referring to the company’s other projects in the pipeline.
Tan said SM Supermalls was also seeking to differentiate its malls by adapting their architecture, tenant mix and experiences to the communities they serve.
The design of SM City La Union, for example, was said to be adapted to its location near the sea, including a resort-like feel and an outdoor volleyball area.
In Zamboanga, a local interior designer was hired to incorporate local fabrics, prints and other cultural elements into the mall’s design, while SM malls in Baguio, La Union, Zamboanga, Iloilo and Bacolod now also feature local restaurants.
Core offerings such as supermarkets, department stores and major brands will be maintained, but individual malls will now have a distinct character based on their locations.
The company has also increased the share of dining establishments in its malls. Tan said food tenants accounted for less than five percent of the tenant mix when he joined SM in 2004, compared with about 30 percent today.
“Change of tenancy mix is not one-time, big-time. You have to constantly inject freshness to your centers, so that you keep the interest on coming back.”
Meanwhile, Tan said SM Supermalls was optimistic about the final four months of 2026 and expects the company to outperform the 2025 Christmas season.
“Yes, definitely. We’re very optimistic about it,” Tan said, pointing to the positive performance during the first six to seven months of the year and an expected strong lineup of movies in the final quarter as supporting the outlook.
“It’s all about these innovations that we are doing that keeps on getting people coming back for more,” Tan said.
“Innovation, again, is not a one-time, big-time thing. But every day, constantly, you have to keep on innovating because the consumer’s preference has always been changing as well.”
SM Supermalls is owned and operated by listed SM Prime Holdings Inc., whose ultimate parent company is SM Investments Corp.
Shares of SM Prime on Tuesday rose P0.60, or 0.34 percent, to P17.90 each while those of SM Investments added P2.50, or 0.45 percent, to close at P557.50 apiece.
