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Manila Bulletin devider Business devider The Stock Market devider Philippines' retail giant: SM Supermalls draws record crowds in 2024

Philippines' retail giant: SM Supermalls draws record crowds in 2024

Published Mar 12, 2025 12:54 am

SM Supermalls, the mall operations unit of SM Prime Holdings Inc., reported a six percent growth in average daily foot traffic to an all-time high of 5.2 million last year from 4.9 million in 2023.

In a disclosure to the Philippine Stock Exchange, the firm said this record performance was due to favorable economic conditions, mall and tenant expansion, and a strong mix of entertainment and in-mall events.

Steven Tan.jpg
SM Supermalls President Steven T. Tan

“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 SM Supermalls President Steven T. Tan.

By the end of 2024, SM Supermalls had 22,579 tenant stores. Nearly 70 percent of these are micro, small, and medium enterprises (MSMEs), making SM Supermalls the largest marketplace for MSMEs in the Philippines.

Throughout the year, SM Supermalls also welcomed new foreign brands, including Disney Store, National Geographic, Nitori, and Paris Baguette.

 

SM Prime JMall.jpg
SM J Mall

In 2024, SM Supermalls expanded its footprint by opening two new malls. SM City Caloocan debuted on May 17, covering 53,577 square meters (sqm) across three levels, while SM J Mall opened on Oct. 25, offering 78,229 sqm of retail space across four levels.

This year, SM malls will continue to attract visitors by hosting large-scale events, regular activities, and exciting new attractions.

These include weekly job fairs, MOA Sky and Sky Bark launch, fan meets and SM Little Stars—the country’s biggest and longest-running mall-based kiddie talent search.

For 2025, approximately ₱21 billion has been allotted for the expansion of SM Supermalls’ gross floor area (GFA). New developments will add 205,400 sqm of GFA, while 124,488 sqm of existing mall space will undergo redevelopment.

“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 added.

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SM Supermalls Steven Tan SM Prime Holdings Inc.
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