Property developer SM Prime Holdings Inc. said Wednesday it will open on Friday its 75th shopping mall in Butuan City, Agusan del Norte.
SM Prime said the opening of SM City Butuan would proceed even as shopping malls across the country continued to experience reduced foot traffic and lower revenues because of the pandemic.
SM Prime said in a disclosure to the stock exchange SM Butuan has 48,000 square meters of gross leasable area. It will open with more than 80 percent of leased area awarded to retailers.
“The steady economic growth demonstrated by Mindanao over the past years has driven SM Prime to pursue its expansion in the region delivering integrated property developments in various key areas in Mindanao. We hope that the opening of SM City Butuan will further contribute to this advancement while providing essential needs and services, as well as entertainment in the region,” SM Prime president Jeffrey Lim said.
SM City Butuan will be the first mall to be opened by SM Prime since the start of the year. It will also be the sixth SM mall in Mindanao and the first in the CARAGA Region.
Prior to the pandemic, SM Prime planned to open five new malls this year with total GLA of 257,000 sq. m. It was also slated to complete expansion of six new malls.
The company’s newest mall along JC Aquino Ave. in Butuan is expected to attract shoppers from the provinces of Agusan del Sur, Dinagat Islands, Surigao del Norte and Surigao del Sur.
The mall offers three levels of mixed local and international stores and dining destinations, including SM brands such as The SM Store, SM Supermarket, SM Appliance Center, Our Home, ACE Hardware, Uniqlo, Sports Central, Surplus Shop, Miniso, Goldilocks, Watsons and BDO.
SM City Butuan will also house four SM Cinema facilities, SM Cyberzone, an open parking and a helipad.
SM Prime posted a consolidated net income of P14.37 billion in the first three quarters, down by 48 percent from P27.60 billion in the same period last year as consolidated revenues eased by 29 percent to P60.69 billion from P85.03 billion.