(Source: Sunstar | October 15, 2018)
With the influx of big retail investors in the province, Cebu is considered the “next big thing” in retail and commercial developments, according to the Philippine Retailers Association (PRA).
PRA President Rosemarie Bosch Ong said that Metro Cebu remains the largest retail hub outside Metro Manila. With a strong and growing business process management sector, as well as strong overseas Filipino remittances, consumption has been a big contributor to its growth and progress. Correspondingly, retail is a big beneficiary of such growth,” said President Ong.
According to latest data from Colliers, Cebu’s retail stock has reached 1.01 million sq m. of gross leasable area.
Sixty percent of the province’s retail space is covered by superregional malls, while district centers and neighborhood outlets cover 30%, and the remaining 10% accounts for retail outlets like Robinsons Galleria Cebu.
She mentioned the planned integrated development of the Gokongwei Group in Cebu’s South Road Properties as an additional boost to Cebu’s retail landscape. She said that the project is another major push to make Cebu a major retail and tourism hub.
The Gokongweis’ proposed development under the Universal Hotels and Resorts Inc. (UHRI) will consist of a commercial and shopping center, a theater for performing arts, a convention center, an integrated resort and gaming facility, three hotels, a theme park, a public art installation and parking facilities.
“The new high-end mall being constructed by the Gokongwei Group will be the highlight of luxury shopping in Cebu. Apart from the international luxury brands, we are excited to see locals innovate and showcase their crafts and businesses for a global crowd in this new avenue,” she said.
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