By Philippine News Agency
Metro Cebu is projected to benefit from the retail sector’s recovery being the largest metropolitan hub outside Metro Manila, as mall operators here brace for “revenge” shopping, a property consultancy firm said on Friday.
Colliers International said the expansion of its consumer base, supported by the projected growth in office and residential supply, should sustain retail buoyancy post-2022.
In the first quarter of 2022, vacancy across malls in Metro Cebu reached 6.4 percent, higher than the 2.6 percent recorded in 2018.
The business disruptions caused by Covid-19 have resulted in the closure of some shops at the various malls in the region.
Colliers estimated that about 60 percent of upcoming retailers in Cebu are likely to come from food and beverage (F&B) retailers followed by clothing and footwear at 17 percent.
This is similar to Metro Manila in the first quarter of 2022 where F&B accounted for 42 percent of new retailers followed by clothing at 17 percent.
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