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Manila Bulletin devider Business devider The Stock Market devider SM invests ₱6 billion to revive iconic Harrison Plaza by 2027

SM invests ₱6 billion to revive iconic Harrison Plaza by 2027

Published Apr 1, 2026 09:32 am
SM Prime Holdings Inc., the integrated property developer controlled by the Sy family, is committing more than ₱6 billion to the redevelopment of the historic Harrison Plaza site in Manila that is slated to open in 2027.
In a statement, SM Prime said the investment is a cornerstone of its broader ₱150 billion capital expenditure program for 2026 through 2030.
Under this five-year plan, the developer intends to overhaul 16 existing properties and construct between 12 and 15 new lifestyle malls to maintain its dominance in the local retail landscape.
The company said SM Harrison Plaza aims to revitalize what was once the Philippines’ premier shopping destination into a modern mixed-use hub.
The rebirth of Harrison Plaza, which first opened its doors in 1976 as the country's first one-stop shopping mall, represents a strategic pivot toward high-density urban renewal.
Upon completion, SM Harrison Plaza will span a gross floor area of more than 200,000 square meters. This scale places the development in the same tier as the company’s regional flagship malls, such as SM City Davao and SM City Clark.
Steven T. Tan, SM Supermalls president, noted that the design will move away from the traditional “big box” retail model, instead incorporating nature-inspired architectural elements, open-air layouts, and dedicated green spaces intended for cultural and social gatherings.
The project is positioned to deepen SM Prime’s footprint within Manila’s cultural and entertainment district. By modernizing the site, the developer seeks to capture a diverse demographic ranging from office workers and residents to the large student population concentrated in the Malate and Ermita districts.
Furthermore, its location provides a strategic advantage for capturing tourism spending, given its proximity to the Manila Zoo, the Rizal Memorial Sports Complex, and the Cultural Center of the Philippines.
The tenant strategy for the new mall will involve a curated mix of international flagship stores and local retailers, a move intended to reflect the eclectic character of the surrounding neighborhood.
Beyond retail, the redevelopment is expected to serve as a catalyst for broader urban renewal in Manila’s city center.
Tan said the project is anticipated to generate thousands of jobs throughout the construction phase and during its long-term operations, providing a boost to the local economy as the city continues its post-pandemic modernization.

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