The new rules of going out
By a certain measure, it would seem that the Filipino consumer hasn’t lost the appetite to shop, dine or travel.
A cursory look at the country’s biggest malls and busiest airports would suggest that many Filipinos remain just as eager to go places and spend on experiences.
Behind those crowds, however, is a changing and now increasingly discerning consumer who has become more particular about whether a shopping trip or a hotel stay is well worth its price. This means that the “experience” has become a more important part of the equation.
Placing a premium on experiences
Understanding what makes experiences worth paying for has since become central to Ayala Land Inc.’s strategy for growing its leasing and hospitality businesses, according to Mariana Zobel de Ayala, senior vice president and head of Leasing and Hospitality.
“Filipino consumers continue to seek enjoyment, discovery and connection, but they are becoming far more deliberate about what deserves their time and money. This places a greater premium on experiences that offer genuine value and a real sense of belonging,” Zobel de Ayala said in an exclusive interview with Inquirer Property.
Mall developers now have to recognize and complement the convenience of online shopping and the many ways people can spend their leisure time. This means that malls today should be able to provide experiences that customers cannot readily get through a screen.
“As more transactions move online, physical places must offer what digital platforms cannot: discovery, human connection and a sense of community. This challenges us to move beyond generic retail or hospitality experiences and create places that feel alive, distinctive and meaningful,” Zobel de Ayala explained.
“The Filipino consumer is asking for better reasons to come, stay and return,” she added.
Reinvention and emotional connection
This may be why the property giant has invested heavily in redeveloping and refreshing its malls.
To recall, Ayala Land had said it earmarked P17.5 billion for the redevelopment of eight malls, expanding its original P13 billion program. Covering flagship destinations like Glorietta, Greenbelt, TriNoma and Ayala Center Cebu, this initiative involved physical mall upgrades and a refreshed merchant mix to respond to changing consumer preferences.
“Reinvention begins with understanding why people love a place. Our responsibility is to protect that emotional connection while imagining what the place could become for a new generation… We have to be ambitious about what these places can become. A familiar mall can become a more generous public place. A well-loved hotel can tell a richer Filipino story. An older destination can find a completely new purpose in people’s lives,” Zobel de Ayala said.
The goal, she explained, is to have mallgoers feel that the place has been made with genuine care for them down, from intuitive layouts and comfortable seating to accessible spaces that consider everyone’s needs. It’s about removing everyday inconveniences while making room for “beauty, art, nature and moments of surprise.”
“Years from now, I hope people will recognize an Ayala place not because every development looks the same, but because each one reflects the same quality of care,” she added.
Winning customers’ time
Zobel de Ayala believes that malls today have a bigger role to play in people’s lives. Not every visit needs to generate a big sale to create value.
Malls, she said, can be places to meet friends or simply enjoy an afternoon. While such visits may not immediately translate into massive sales, they can build familiarity and loyalty, making a mall more relevant to customers and more valuable to tenants over time.
“The industry may be underestimating how important physical places will become as spaces for connection, community and participation—not simply commerce,” Zobel de Ayala observed. “The competitive advantage of the future will not simply be the quality of the buildings, but the strength of the communities and experiences that form around them.”
If these new rules of going out offer any indication, it’s that winning customers’ time may be just as important as winning their wallets.
