Phil Star 8/10/2009
The Ayalas, who are known for their high-end, high-profile real estate development projects, are now beginning to gaze on mini-malls which have emerged as a convenient alternative to big shopping centers.
In a chat with reporters Friday, Ayala Land Inc. (ALI) chief finance officer Jaime Ysmael said the group is venturing aggressively into the development of mini-malls or community malls as part of a new strategy to boost sales.
“Malling has become a way of life among Filipino families. So we are ramping up a bit more on the construction of smaller retail stores,” Ysmael said.
Community malls support the growing trend of people who do not want to travel far to shop due to rising fuel prices.
Consumers generally welcomed the small neighbourhood centers as an alternative to going out of their way to larger malls just to pick up a few items.
Ysmael declined to disclose where the group intends to build its mini malls community shopping centers, saying everything is still under study.
Among the new products to be launched by ALI include Solenad at Nuvali (a mixed-use complex offering dining and shopping convenience), retail concepts at the UP-Ayala Land TechnoHub, MarQuee Mall in Angeles, Pampanga (which is slated for opening in the second half this year), Abreeza mall in Davao (which is targeted for opening in 2011).
ALI continues to busy itself with the completion of ongoing projects, with at least 129 projects being simultaneously executed.
The company has earmarked P17.4 billion in capital expenditures this year which include the redevelopment of the Ayala Center which is estimated to cost P7.2 billion and the completion of MarQuee Mall in Angeles, Pampanga.
Marquee mall, ALI’s first provincial shopping center outside Cebu, will make available an additional 38,000 square meters of gross leasable area when it opens its doors to the public in September this year. It will allow the company to broaden its reach and allow it to tap into the increasing consumer demand and sophistication in a rapidly expanding economic growth corridor at the heart of Central Luzon.
The redevelopment of Glorietta 1 and 2 is expected to be completed by 2012.
Also part of the Ayala Center makeover is the construction of Raffles Hotel and Private Residences and Fairmont Hotel.
The first phase of its Davao mall development will offer 35,000 square meters of GLA by 2011