SM Prime Holdings Inc., one of Southeast Asia’s largest integrated property developers, is planning to expand its portfolio to 130 malls by its 50th year, in 2035, as it intends to consistently open four new malls starting next year.

During Manila Bulletin’s The Sit Down, SM Supermalls President Steven Tan said their current count is 88 malls and they expect to hit 100 malls by 2028. The four malls to be opened every year will mostly be outside Metro Manila and will include one flagship mall per year.

“We have strategized all our plans. Not just for the next five years but, in the next 10 years, we will be putting regional malls or flagship malls not just in Metro Manila, but also outside, outside Luzon,” he said.

Tan noted, though, that “it's not just about the number of malls, it's really the impact on the Filipino people. By expanding your footprint, you're helping the economy. You're generating more jobs, you're creating business in a certain locality.

“That's why the growth for us is not just in Metro Manila, but also outside Luzon, whether it's in Visayas or in Mindanao, that's what we are really counting on,” he added.

SM Prime is investing over ₱150 billion in 16 major redevelopments and 12 new lifestyle malls, ensuring its entire portfolio evolves into greener, smarter, and more people-centered destinations by 2030.

Over the next five years, SM will deliver landmark flagship malls that serve as ecosystems combining shopping, dining, culture, and community in destinations that anchor regional economies.

Planned projects include SM Sta. Rosa (Yulo) in Nuvali (2026), Harrison Plaza in Manila (2027), SM Malolos in Bulacan (2028), Cavite (2029), and Pasay (2030). These projects reflect SM's ability to raise the benchmark for Philippine retail while remaining deeply rooted in local communities.

Tan said SM’s new malls have also been evolving over the years, noting that, while the first malls were more “transactional” where consumers go to just buy things, SM malls are now “more experiential, more lifestyle” and now has a 30 percent food mix compared to just about five percent in the early years.

Aside from building new malls nationwide, he said they are also consistently renovating and redeveloping their mature malls to ensure that they remain relevant and interesting to the evolving preferences of consumers.

“When you reach eight years, you still have to start planning. And then you do it on your 10th year. Normally, we really redevelop, or redefine, or upgrade, or expand our mall after 10 years,” Tan explained.

As an example, he pointed to SM Lanang Premier in Davao City that, after several expansions, has become the biggest shopping center or mall in the whole of Mindanao. SM Seaside in Cebu has also transformed into a lifestyle complex rather than just a mall.

“The (SM Seaside) mall is a flagship mall to start with but we will be opening our arena, our convention center. There will be hotels and residential and offices. So these are the kind of things that we are looking into for at least the next 10 years,” Tan said.

SM is modernizing existing malls with open-air promenades, lifestyle zones, and sustainable features. These redevelopments will make every SM mall more vibrant, green, and people-centered.

This vision reflects more than just physical expansion. It highlights SM's long-standing ability to adapt, modernize, and introduce new experiences that matter to Filipino families.

SM is evolving its retail ecosystem to be tenant-led, offering dynamic formats, personalized leasing, and collaborative platforms. Sustainability is a cornerstone, with smarter designs, renewable energy.

“This New Era is not about adding more malls. It is about creating destinations that matter, modernizing the malls people already love, and ensuring every Filicino has access to world-class malling. Our promise is simple. Everything we do is all for you,” Tan said.