SM Supermalls is sticking to its plan to build 5 to 7 malls every year until 2024 despite the disruptions caused by the COVID-19 pandemic, the mall operator said on Wednesday.
SM adjusted their timeline to five years, from their earlier target of delivering 17 new malls from 2020 to 2022.
“Because of the restriction in construction…it has slowed down [opening of new malls]. But we are business as usual, the plan has not changed. We have adjusted our timetable, but for our five-year business plan, it’s still the same,” SM Supermalls President Steven Tan said.
Despite the pandemic, SM managed to open two regional malls at the end of 2020 namely, SM Mindpro in Zamboanga and SM City Butuan.
The country’s biggest mall chain also expects the number of mall-goers to go back to pre-pandemic levels by the latter part of 2021, as it bets on the rollout of COVID-19 vaccines starting this year.
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