The projects form part of the company’s broader strategy to expand mall space and unlock value from its commercial portfolio, which remains one of its biggest and most important growth drivers.
3 major shopping center upgrades in 2026
In 2026, Robinsons Land will complete the Bacolod and Dumaguete mall expansions while finishing the redevelopment of Robinsons Manila, which traces its roots to the 1980s before it became a modern shopping center in 1997.
“We expect these projects will greatly improve our customer experience and result in significantly increased footfall,” Mybelle V. Aragon-GoBio, RLC president and CEO, told InsiderPH.
“Both the Bacolod and Dumaguete expansions are expected to be completed September 2026,” she said, adding that most of the capital expenditures for these projects have been largely deployed.
"Robinsons Manila redevelopment is to be completed by year-end," she added.
These improvements have added roughly 20,000 square meters of gross leasable area, or GLA, said Aragon-GoBio.
Robinsons Bacolod opened in 1997, the sam year as Robinsons Manila, while Dumaguete opened in 2009.
Big picture
The Philippines’ leading developers are upgrading and expanding their mall portfolios, and it is not hard to see why.
Retail remains one of the biggest revenue drivers for real estate groups during a period when competition for shoppers has intensified.
RLC is also undertaking these upgrades to adapt to shifting consumer tastes and its strategy to target more premium experiences, headlined by next-generation malls such as Opus Mall in Bridgetowne and NUSTAR in Cebu.
Analysts' view
According to AP Securities equity research analyst Shawn Atienza, RLC is a solid investment, backed by its expansion pipeline and plan to reach P25 billion in net income by 2030 and steady dividends.
The brokerage has a buy call on the stock with a price target of P22.58 target price based on conservative valuation assumptions.
"RLC presents a compelling investment opportunity, underpinned by its ambitious five-year growth plan and clear long-term strategy," Atienza said.
Booming segment
RLC ended 2025 with 57 malls and 1.7 million square meters of GLA and a 94 percent occupancy rate.
Malls remain Robinsons Land’s biggest business, generating P19.67 billion in revenue and accounting for the largest share of the company’s earnings, balancing out the residential sector, whose sales slumped 29 percent last year.
RLC’s overall net income in 2025 grew 9 percent to P13.47 billion while revenues grew 13 percent to P48.5 billion.
What’s next?
The upgrades highlight how developers can revitalize established retail spaces while supporting broader urban renewal.
From 2027 to 2030, Robinsons Land is preparing a pipeline of new malls and upgrades, including Malolos Bayan Park, The Jewel, Antipolo Expansion, Pangasinan expansion, Tanay, Tacloban Expansion, Paranaque, South Luzon, Gensan Mall, and Sierra Valley.
These projects are expected to lift the company’s gross leasable area from about 1.7 million square meters in 2025 to around 2.4 million square meters by 2030.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
