This is one of the ambitious programs under Mybelle Aragon-GoBio, who took the helm as RLC’s president and CEO in February this year.
It also comes on the heels of mega renovation projects by peers SM Prime Holdings, part of the Sy family’s SM Group, and the Zobel family-led Ayala Land.
Most aggressive mall revamp
“This will be the first of such a scale that we will be announcing,” Aragon-GoBio told reporters in an interview last week.
“We will announce soon,” she said, adding that they were still in the process of finalizing the budget.
Shift to more premium offerings
Aragon-GoBio said more details will be disclosed soon, but she noted this would be a continuous program in step with RLC’s premiumization strategy.
It also aims to cater to shifting consumer tastes, which lean toward more experiential, lifestyle-driven spaces that combine shopping, dining, and entertainment.
“Consumer preferences are also evolving. They’re becoming more discriminating. They’re looking for more experiential offerings and that’s what we’re trying to address with premiumization,” she said.
In doing so, RLC might be able to command better lease rates and also expand malls where applicable.
Opus expansion?
RLC is also eyeing new malls amid sustained demand from retail tenants, further validating its premiumization strategy.
One example is Opus in Bridgetowne, which opened in the middle of 2024.
“There’s many who want to come in but there’s not much space we can offer,” she said.
“There’s a case to expand it. We’re just being very disciplined about it,” she added.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
