SM Supermalls hit an all-time high in average daily foot traffic in 2024, reaching 5.2 million visitors—a 6 percent increase from 4.9 million in 2023. The retail unit of listed SM Prime Holdings Inc. highlighted the increase in foot traffic that outpaced the 1.4 percent growth in the group’s gross floor area (GFA), marking a remarkable achievement for the shopping mall giant.
The surge in visitors is attributed to favorable economic conditions, expanded mall offerings, and a robust mix of entertainment and in-mall events. “This milestone reflects the trust and loyalty of our shoppers, the strength of our tenant partnerships, and the evolution of our malls as vibrant community hubs,” said Steven T. Tan, president of SM Supermalls.
SM Supermalls ended 2024 with 22,579 tenant stores, nearly 70 percent of which are micro, small, and medium enterprises (MSMEs). This makes SM Supermalls the largest marketplace for MSMEs in the Philippines, providing a vital platform for local businesses to thrive.
Throughout the year, SM Supermalls continued to enhance its retail offerings, attracting new foreign brands such as Disney Store, National Geographic, Nitori, and Paris Baguette. The influx of these global names reflects the growing appeal of SM Supermalls as a premier shopping destination, catering to diverse tastes and lifestyles.
SM Supermalls opened two new malls, increasing its total retail complexes to 87 in the Philippines alone. SM City Caloocan, which opened its doors on May 17, spans 53,577 square meters across three levels, while SM J Mall, which opened on October 25 in Cebu, boasts 78,229 square meters of retail space across four levels. These new additions brought SM Supermalls’ total GFA in the Philippines to 9.33 million square meters, a 1.4 percent increase from the previous year.
SM Supermalls also owns eight shopping malls in China, contributing another 1.6 million square meters of GFA.
The company hosted a variety of large-scale events, such as weekly job fairs, fan meets, and the country’s biggest and longest-running mall-based kiddie talent search, SM Little Stars to enrich visitor experience. These activities, along with new attractions like MOA Sky and Sky Bark, helped draw more foot traffic to the malls.
SM Supermalls plans to invest around P21 billion in the expansion and redevelopment of its properties. This includes adding 205,400 square meters of new GFA and redeveloping 124,488 square meters of existing mall space. Tan said that the company’s expansion strategy remains focused on strengthening its presence in key areas, curating an optimal tenant mix, and evolving with customer needs.
“As we enter SM’s Bold New Era, our expansion strategy remains focused on strengthening our presence in key areas, curating an optimal tenant mix, and continuously evolving with our customers to meet their changing needs and aspirations,” Tan said.
