(Source: Inside Retail Philippines | 29 November 2016)
Vista Land & Lifescapes, the property development company owned by the Villar family, says it plans to open 10 malls within two years.
The expansion program will require an investment of about P18 billion and make the company one of the country’s larger shopping mall developers. It currently owns 17.
VLL founder and chairman Manuel Villar Jr told media that the additional properties would comprise seven Vista Malls and three smaller centres to be branded Vista Place. A typical Vista Mall has at least 30,000 sqm, twice the size of Vista Place’s 15,000 sqm base.
The new Vista Place malls will be built in Malolos, Bulacan; Kawit, Cavite; and Cagayan de Oro City. The new Vista Malls will rise in Iloilo City, Davao City, Dasmariñas in Cavite, two in Bacoor, and two in Las Piñas.
Each of the centres will be anchored by Villar’s retail brands AllHome, AllDay Supermarket, AllToys, The Coffee Project and an AllShop department store.
The combined square footage of the new properties will take VLL’s footprint to 1.3 million sqm in GFA.
Villar told journalists that rising consumer affluence has boosted demand for shopping malls and destinations with less traffic congestion appealed to shoppers.
“We are bringing our malls closer to our customers’ homes so they do not have to travel far and can avoid heavy traffic. But our malls are complete with dining and shopping options as well as state-of-the-art cinemas,” he said.
“All our malls will have an upscale feel but are not intimidating. They will cater to everybody. We came in at a time when consumers have higher spending power and the market standard for malls is leveling up,” said Villar.