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Arcades, strip malls stay upbeat during pandemic
Leasing broker for commercial spaces Eppie Acusar said arcade and strip mall developments are quite bullish because of the sustained demand for essential products and services.
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Arcades, strip malls stay upbeat during pandemic

Ehda M. Dagooc (The Freeman) - February 25, 2021 - 12:00am

CEBU, Philippines —  While some have adapted a “wait-and-see” attitude in re-starting commercial real estate projects, construction of neighborhood lifestyle arcades, on the other hand, started to sprout in Cebu.

According to leasing broker for commercial spaces Eppie Acusar, arcade and strip mall developments are quite bullish because of the sustained demand for essential products and services.

“Arcade developments were doing well during the pandemic. They were the ones who catered to customers who were not comfortable to go to the (bigger) malls,” said Acusar, who is also the founder of iBuild Management Services Inc.

Bigger shopping mall projects on the other hand, mostly are still being on hold, sensing the market’s progressive, while rise and fall of COVID-19 infection is still evident.

 She said big ticket mall project proponents are still waiting for market stability in retail in the next four years.

 Thriving neighborhood arcades and strip malls offer a one-stop-shop for stay at home workers and students. These neighborhood strip malls accommodate essential concepts, “less now of food and beverage” tenants.

 More of services and the new defined essential retails such as pharmacy, health,  beauty, D.I.Y. (do-it-yourself) hardware, pet shops and wellness centers, she said.

 Along with the new lifestyle of people after staying home for over two months now, small commercial strips or malls in communities are expected to benefit post COVID-19.

Meanwhile, restaurants or the F&B concepts are now going into destination locations “for them to get the market.”, such as Matana Cafe, Chix Boy, resorts’ restos and other destination places.

“People are now going around their community arcades for basic necessities,” said Acusar, and this lifestyle expected to become the new normal for people, who are now highly conscious to go to more crowded places.

EPPIE ACUSAR
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