SM opens first mall in Ormoc

CEBU, Philippines — Mall giant SM Prime Holdings, owned by the country’s richest man Henry Sy, has expanded in Eastern Visayas as it opens today SM Center Ormoc, its first mall in the region and seventh in the Visayas.

SM Center Ormoc, the company's 72nd mall in the country, offers more than 20,000 square meters (sqm) of gross floor area (GFA) of well-selected dining, shopping and entertainment options.

"It is SM Prime’s pride and joy to finally open our first mall in the Eastern Visayas Region," SM Prime president Jeffrey Lim said in a statement to the Philippine Stock Exchange yesterday..

"SM Center Ormoc will be a great addition to the growing local economy of Ormoc City and the continuously developing province of Leyte. We look forward to more growth opportunities for the people of this region along with SM’s brand of lifestyle and entertainment,” Lim noted.

The shopping center will open with 85% of its space lease awarded, covering three floors of mixed recreation, service and entertainment facilities led by SM Supermarket, SM Appliance Center, Watsons, Ace Hardware, Simply Shoes, Surplus, Miniso and Banco De Oro. It will also feature an al fresco dining area on its second level, giving a glimpse of the vibrant surrounding, and four SM Cinemas, including a Director’s Club Cinema.

The new mall promises to be a destination for leisure and entertainment of the city’s residents.

Bounded by Hermosilla Drive in the north, Real Street in the east, Osmeña Street in the south and Anilao River in the west, the new SM mall's modern structure with vivid design is a standout in the bustling downtown area of Ormoc City.

SM Prime has opened four new malls in the first nine months of 2018 namely SM Center Imus in Cavite, SM City Urdaneta Central in Pangasinan, SM City Telabastagan in Pampanga and SM City Legazpi in Albay.

SM Prime's consolidated net income from January to September this year rose 17 percent to P23.44 billion.

SM's shopping mall business delivered 58 percent of total revenues, followed by residences with 34 percent while its other business accounted for 8 percent.

The Sy-led mall operator has 78 malls, 71 in the Philippines and 7 in China, with a total gross floor area 9.5 million square meters.

Shares of the company closed at P31.80 apiece, up 0.16%, during trading recess noon yesterday.