The revitalization of Iloilo City’s historic commercial district has transformed the Iloilo Central and Terminal Public Markets into primary drivers for local small businesses, one year after a large-scale redevelopment project aimed at modernizing the region’s retail infrastructure.

The project, a public-private partnership between the Iloilo City Government and SM Prime Holdings Inc., sought to upgrade the foundations of the city’s traditional trade hubs. Under the agreement, SM Prime provided the design and development expertise to modernize the facilities, while the City of Iloilo retains full ownership and management of the properties, including all leasing operations.

Iloilo City has emerged as the fastest-growing economy in Western Visayas, a trajectory supported by a robust retail trade industry. SM Prime President Jeffrey C. Lim said the redevelopment was designed to support the micro, small, and medium enterprise sector, which remains the backbone of the local gross domestic product. He noted that as domestic and foreign tourism in the city rises, these markets serve as a critical showcase for Ilonggo culinary heritage and local enterprise.

The architectural overhaul integrated modern retail amenities with traditional market functions. The redeveloped sites now feature dedicated areas for public market vendors alongside new food halls, banking facilities, and retail spaces. To address logistical bottlenecks common in dense urban trading centers, the developers added roof deck parking and improved pedestrian flow to sustain foot traffic for the tenants.

Environmental sustainability was also a focal point of the modernization. The markets were equipped with operational material recovery facilities to streamline daily waste collection and a sewage treatment plant to manage wastewater. These upgrades address long-standing sanitation challenges often associated with traditional wet markets.

Local vendors report that the structural improvements have translated into higher sales and improved customer retention. Joelle Iubel Janeo, a third-generation owner of Rawit’s Native Lechon Manok, which has operated since 1975, said her stall on the second floor of the Central Market now sells out daily. She attributed the performance to the more organized setting and enhanced dining comfort for patrons.

Beyond physical infrastructure, SM Prime provided tenants with training in business operations and food safety. This holistic support system is intended to help traditional vendors adapt to a more diverse and expanding clientele. High-profile homegrown brands have also integrated into the new spaces, including the 1940s-era Madge Café, which now operates a branch within the modernized Central Market.

The centralized nature of the markets has improved the consumer experience for residents. Local shoppers noted that the integration of fresh produce stalls with nearby retail and service areas allows for a more efficient "one-stop" shopping experience. Mr. Lim said the success of the Iloilo project could serve as a model for other Philippine municipalities looking to modernize public infrastructure without displacing the local merchant class.