SM nears goal of 100th mall with latest opening in La Union

SM Prime Holdings Inc. has inched closer to its goal of having 100 malls by 2027 with the upcoming opening of its 89th domestic mall in La Union.

The Sy family-led property giant on Wednesday disclosed that the 51,000-square-meter (sq m) SM City La Union would open its doors on Friday, Oct. 17.

Of the total leasable space, 80 percent has so far been occupied, SM Prime said. It is located along Diversion Road in Barangay Biday, San Fernando City.

“This is our ninth mall in Northern Luzon and we designed it to serve as a landmark for both residents and tourists,” SM Prime president Jeffrey Lim said in a statement.

“As the surfing capital of the region, La Union deserves a retail center that reflects its vibrant lifestyle and rich culture,” he added.

What makes it stand out among SM Prime’s other branches, the company noted, is the 1,348-sq m Sandbox. It is an outdoor venue for sports tournaments, mini concerts and other community activities. A bike lane will also run parallel to this, to encourage active transportation.

Entertainment hubs

Earlier, the SM Group said it wanted to position its malls as “entertainment hubs” precisely to target the younger generation looking for more experiential offerings.

In selecting La Union as the location for its newest mall in the Philippines, SM Prime cited local government data showing that the province’s tourism industry generated over P1 billion in revenues last year.

La Union also welcomed more than 500,000 tourists. San Fernando, San Juan and Bauang emerged as the top three destinations in the province.

See Also

BIZ BUZZ: PH gets seat on IAEA

Last month, SM Prime announced plans to open five flagship malls by 2030. These are located in Sta. Rosa in Laguna province (2026), Harrison Plaza in Manila (2027), Malolos in Bulacan province (2028), Cavite province (2029) and Pasay City (2030).

The developer recently raised $350 million from its inaugural dollar-denominated bond offer to beef up its expansion war chest.

The notes are part of SM Prime’s $3-billion multi-issuer euro medium-term note program approved in May 2024. They carry a yield of 4.75 percent and will mature in five years.

The offering was nearly thrice oversubscribed, with final demand reaching over $990 million.