Mall Visits at Manila's Mall of Asia Increase by 15%; Company Brings in an 11% Revenue Boost
The vibrant Mall of Asia (MOA) Complex, managed by SM Prime Holdings Inc., recently observed a remarkable 15% surge in foot traffic during the first quarter, with visits skyrocketing to a whopping 34.5 million!
The key catalysts fueling this boom were high-profile events, such as the Philippine International Pyromusical Competition, major concerts by international artists, and sports events like the UAAP volleyball season. This sizzling excitement didn't stop there; the mall segment's stellar performance propelled consolidated net income by an impressive 11 percent year-on-year.
SM Prime attributes this shining momentum to a go-getter, experiential strategy that weaves retail, offices, education, and entertainment within the MOA estate, comprising SM Mall of Asia, SMX Convention Center, MOA Arena, SM MOA IMAX, and the world's grandest IKEA store.
Adopting an integrated approach, SM Prime intends to sustain this growth. Plans include organic expansion, strategic regional development, and daring diversification into integrated property developments and premium housing projects.
Now, let's delve a little deeper into the wonderful world of SM Prime. This forward-thinking company has a three-pronged growth strategy:
- Organic Expansion and MICE Development: SM Prime is making significant investments to beef up its MICE sector, which plays a vital role in the foot traffic and income. A recent P1.7 billion investment in SMXCITE within the MOA Complex aims to enhance MICE capacity, staking their claim as a key player in Manila's burgeoning MICE scene[2].
- Foot Traffic Growth: The surge in foot traffic was particularly noticeable during the first quarter, fetching 34 million visits, and SM Prime anticipates a 15% increase in the future[4][3].
- A Balanced Growth Approach: Beyond organic growth, SM Prime is focusing on expanding in regional growth corridors, diversifying income sources and investing in complementary sectors like hotels and residential properties to form a harmonious ecosystem[3][4].
Hungry for more? How about some scrumptious hospitality tidbits? SM Prime is flavoring the market with seven new hotels, adding over 1,300 rooms by 2029, with choices from Park Inn by Radisson and Radisson. While most of these accommodations will be regional, one is earmarked for the Metro Manila region, potentially delighting visitors to the MOA Complex[5].
Though the Philippine real estate market can be a challenging beast, SM Prime keeps its fiscal health in tip-top shape, with predicted 9.6% revenue growth in 2025 and more than enough dough to shower investors with tasty dividends[1].
In the realm of SM Prime, the balance between retail, offices, education, and entertainment continues to drive growth, with the success of events such as the pyromusical competition, international concerts, and sports eventslike UAAP volleyball contributing to the 15% surge in foot traffic at the Mall of Asia Complex. Further, the company plans to expand this growth organically, with a focus on MICE development, anticipating a future 15% increase in foot traffic. Additionally, SM Prime plans to invest in complementary sectors such as hotels to create a harmonious ecosystem, with seven new hotels and over 1,300 rooms added by 2029.
