Philippine malls gear up for the next retail boom
The Philippine retail sector remains a significant contributor to the country’s economy. Despite the disruptions caused by the pandemic, the sector has been regaining momentum in recent years.
At the core of this growth are the country’s malls and commercial centers, where leading developers continue to post rising revenues as consumers maintain strong loyalty to these retail spaces.
Recent industry reports showed that there are 105 new malls in the pipeline. Other mall developers are meanwhile investing in renovating and upgrading their properties to stay competitive amid rising demand.
In a 2024 report, Colliers Philippines said developers were redesigning their existing retail spaces to introduce new concepts and become “more experiential [and] less transactional.”
There is also notable growth in urban hubs outside Metro Manila, where infrastructure development, population growth, and increasing consumer spending are creating new retail opportunities.
Ayala Land Inc.
Ayala Malls has reportedly hiked its mall renovation and expansion budget to P17.5 billion over the next five years to strengthen its retail footprint. This includes TriNoma in Quezon City, the Glorietta and Greenbelt malls in Makati City, Ayala Center Cebu, Ayala Malls Abreeza in Davao City, and MarQuee Mall in Pampanga.
The rise of Ayala Malls Vermosa and Vermosa Midtown in Imus, Cavite, along with Ayala Malls Nuvali in Santa Rosa, Laguna, further highlighted the property developer’s continued expansion strategy.
Meanwhile, the group also recently announced the Philippine entry of Spinneys, a 64-year-old grocery chain known for supplying food to the royal households of the United Arab Emirates in the Philippines. This reinforces Ayala’s commitment to strengthening its retail footprint.
Megaworld Corp.
Megaworld Corp. reported in a regulatory filing last month that it would expand its retail portfolio by 30,000 sqm through the opening of new lifestyle malls and commercial projects. This was in response to the strong demand for retail spaces in its townships.
According to Megaworld, this expansion forms part of a bigger goal to reach 1 million sqm of gross leasable area (GLA) by 2030. The pipeline includes The Shoppes at Park McKinley West in Taguig City; a new lifestyle mall at Vion Tower in Makati City; additional retail areas in Alabang West in Las Piñas City; and the Newcoast Beachwalk, located within Boracay Newcoast.
Shang Properties Inc.
According to Leechiu Property Consultants Inc., the food and beverage (F&B) segment is a core driver of mall traffic and tenant performance.
Revenues from F&B retailers have already exceeded pre-pandemic levels by 11 percent, outperforming other categories and solidifying the sector’s role as a key anchor in retail real estate recovery.
Shang Properties highlighted this growth with a notable addition earlier this year. In April, the premium developer unveiled Streetscape, the newest extension of the iconic Shangri-La Plaza in Mandaluyong City. This curated dining hub brings together some of the country’s most celebrated restaurants–along with a first-in-the-Philippines concept–within a vibrant indoor-outdoor setting.
Robinsons Land Corp.
Robinsons Land Corp. also recently reported that its flagship malls will get a major facelift to keep pace with other developers that are pursuing renovations amid the rapidly evolving needs of its customers. This reinvention program, which will prioritize the older flagship malls, is said to be part of the company’s “premiumization” strategy.
Apart from Robinson Land’s flagship Robinsons Malls across the country, it also has upscale malls like Opus in Quezon City and Nustar in Cebu City.
SM Supermalls
In September 2025, SM Supermalls reported that it will build five flagship malls until 2030 to help reach its broader goal of having roughly 115 shopping malls by 2035 across the country.
Steven Tan, SM Supermalls president, told reporters that they would open SM Sta. Rosa (Yulo) in Nuvali in 2026, SM Harrison Plaza in Manila in 2027, SM Malolos in Bulacan in 2028, Cavite in 2029 and Pasay in 2030. SM currently has 88 shopping malls in the country, and is aiming to have 100 by 2027 or 2028.
SM Supermalls also plans to invest P150 billion in the major redevelopment of 16 existing malls and the construction of 14 new lifestyle malls.
Rockwell Land Corp.
In October 2023, Rockwell Land unveiled the first Power Plant Mall outside Metro Manila through a groundbreaking ceremony on what would be known as the Power Plant Mall Angeles. Set to open in 2027 at the Rockwell at Nepo Center, Power Plant Mall Angeles will offer about 30,000 sqm of retail spaces.
Rockwell Center Bacolod, a masterplanned, mixed-use development nestled on a 30-ha terrain along the Circumferential Road, is planned to have its own Power Plant Mall as well.
All other Rockwell residential and office developments meanwhile feature retail hubs that bring convenience and lifestyle options closer to their communities.
Sources: Inquirer Archives, shangproperties.com, forbes.com, fphc.com, e-rockwell.com
