SM targets to have 115 malls in the Philippines by 2030 

SM Supermalls aims to expand its nationwide network of shopping centers to 115 by the end of the decade as part of an aggressive five-year expansion and redevelopment program, according to the company's president.

"It's very difficult to commit, but this is just based on if everything goes smoothly. By 2030, we might hit 115 malls in total," SM president Steven Tan said, adding that the goal could be delayed by "unforeseen issues."

The expansion includes opening four to five malls and one flagship mall each year over the next five years.

Planned flagship projects include SM Sta. Rosa (Yulo) in Nuvali by 2026, Harrison Plaza in Manila by 2027, SM Malolos in Bulacan by 2028, and new malls in Cavite by 2029 and Pasay by 2030.

"We're opening one flagship or one premier mall per year," Tan said. "It's not just about the size. It's about the completeness. Everything that you need and everything that you are looking for is there." SM also plans to open "regular malls" in cities that cannot accommodate a flagship mall due to size or market readiness, he said.

SM Supermalls, which is celebrating 40 years of retail leadership, currently operates 88 malls. The company will end the year with 89 malls after SM La Union opens next month.

Tan said SM is investing over P150 billion in 16 major redevelopments and 12 new lifestyle malls to make its portfolio "greener, smarter and more people-centered" by 2030.

The investment is split between new malls and redevelopments, he said. SM is currently redeveloping SM Megamall, with phased completion eyed between 2027 and 2029.

"The next one will be no other than another star of ours, SM City North EDSA," Tan said, adding that the company would time the redevelopment to avoid financial impact. "Maybe by the end of this decade, we will start with North EDSA," he said.

Tan said the company is well-positioned to lead the next phase of retail and community development in the Philippines. "Our vision is clear. We are building the next generation of malls for the next generation of Filipinos," he said.