MANILA, Philippines – SM Prime Holdings Inc. is completing its retail portfolio as it introduces upscale global brands in its existing shopping malls.
The consolidated property group of the SM mall and banking conglomerate is investing P36 billion this year, mostly to expand its shopping malls that will include more upscale brands, company officials said.
The Mega Fashion Hall at SM Megamall opened yesterday its doors, offering a premier shopping, dining and lifestyle destination.
“This is a new concept we are really trying to introduce, its the aspirational side,” said SM Prime president Hans T. Sy.
“The market really asks for it. The market really demands it so we’re just answering,” Steven Tan, vice-president for SM Supermalls’ Premier Division, told reporters.
The 86,000-square meter new wing of SM Megamall is home to flagship stores of the world’s most popular fashion brands Uniqlo and Zara.
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Many new global brands will likewise be opening their first store’s in the Philippines at the new wing, including Switzerland’s H&M, Denmark’s Vero Moda, Spain’s Pull & Bear and Uno de 50, LA-based Joe’s Jeans, London’s Savile Row and Burton, French shoe brand Nao de Brasil and US skincare label Philosophy.
SM Prime chief finance officer Jeffrey Lim said the company is investing P36 billion this year to expand its presence in the country’s shopping mall and residential sector.
Several shopping malls will have a separate area for high-end shops, Sy said.
Tan said H&M is also putting up branches in SM Makati, SM North Edsa and SM Mall of Asia. It will open its anchor store in the Philippines in the third quarter.
