CEBU CITY, Philippines — Cebu’s retail industry is forecasted to be even more upbeat this year as industry stakeholders here foresee the entry of more malls, sophisticated brands, and expansion of existing boutiques.

According to lead officials of the Philippine Retailers Association of Cebu (PRA-Cebu), the continued robust growth in the tourism, real estate and business and process outsourcing (BPO) industries will have a positive ripple effect on Cebu’s retail sector.

“We anticipate an interesting year for the retail industry this 2012 because as we see more local mall players opening and existing ones expanding, that means more opportunities for new brands and sophisticated ones opening,” said PRA-Cebu incoming chairperson Melanie Ng.

In Cebu, more malls are seen to rise within the metropolitan area this year. Following the recent opening of the J Centre Mall in Mandaue City, the SM chain is set to open its north-based shopping mall in Consolacion by year-end.

Meanwhile, Ayala Center Cebu has began its P2-billion mall expansion in the first quarter of 2012. The opening of the Ayala Center expansion which is set for completion before the end of 2013, will house such luxury brands like Louis Vuitton, among others.

Ng noted that retailers are now preparing for innovative strategies to remain highly competitive, which, she said, in the end will benefit consumers as prices of goods, like IT-gadgets, are expected to drop.