Filipino consumers’ propensity to shop and visit brick-and-mortar malls is starting to rebound. We now see the resurgence of high-density retail segments such as family entertainment centers, and this should result in greater traffic in malls.
Many mall operators are reporting that consumer traffic is starting to return to 2019 levels. Colliers sees holiday-induced spending further propping up the sector and supporting a slight rise in rents through end-2022. More retailers are now willing to take up physical space, which should bode well for retailers and mall operators. We are optimistic that vacancy will improve by 2024 and this should lift mall lease rates.
READ full story HERE.