(Source: Business World | July 20, 2018)
Robinsons Land Corp. (RLC) expanded its shopping mall footprint with the opening of Robinsons Place Tuguegarao on Thursday, marking the 50th mall under its portfolio.
The Gokongwei-led property developer said in a statement yesterday that Robinsons Place Tuguegarao will add 38,000 square meters (sq.m.) of leasable spaces to its network. The mall spans 60,000 sq.m. in terms of gross floor area.
“We are happy to mark our 50th mall milestone in Tuguegarao. This city is a perfect place to open a mall right now because of its vibrant economy as the central hub in the Province of Cagayan,” RLC President and Chief Operating Officer Frederick D. Go was quoted as saying in a statement.
The three-storey mall is located in Barangay Tanza, which is surrounded by government offices, educational institutions, transport hubs, and residential areas.
RLC is banking on Tuguegarao’s rising economy, which it noted has gradually shifted to trading, commerce, and services from agriculture. The company also noted that Tuguegarao has become the ideal location for banks and regional branches of big companies.
“With the presence of the new mall, RLC becomes the catalyst in promoting and supporting progress, spurning more businesses to open and flourish in the Region,” Robinsons Malls General Manager Arlene G. Magtibay said in a statement.
Robinsons Place Tuguegarao is RLC’s second mall in the Cagayan region, following Robinsons Place Santiago in Isabela. It has also brought RLC’s presence in Northern Luzon to four malls.
The mall houses anchor tenants such as Robinsons Supermarket, Robinsons Department Store, Handyman, Daiso Japan, Robinsons Appliances, and Robinsons Movieworld, among others. It will also have six cinemas-including a 3D theater, and two activity areas measuring a total of 1,300 sq.m. to be used for hosting events, shows, trade fairs, and conventions.
In addition, the mall will have amusement and entertainment centers for children, such as Kidzoona, Quantum, Tom’s World Amusement, and three other local brands.
RLC will also be developing Go Hotels beside Robinsons Place Tuguegarao. The company’s chain of budget hotels will have 136 rooms for the new site.
With the opening of the 50th mall, Mr. Go said they are looking forward to the next phase of expansion for the company’s commercial unit.
“We look forward to our next 50 malls. We will continue to build in new territories, in underserved markets, and in places where they can be catalysts of economic growth,” he said.
RLC’s net income attributable to the parent grew 12% to P1.54 billion in the first quarter of 2018, following an 18% improvement in revenues to P5.88 billion during the period.
Shares in RLC dropped eight centavos or 0.40% to close at P19.70 each at the stock exchange on Thursday.
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