SM Supermalls president Steven Tan said the sprawling P7-billion renovation program, set for completion between 2027 and 2029, includes right-sizing large-format cinemas to match shifting habits as viewers turn to streaming platforms like Netflix and Disney+ for entertainment.
“We have renovated and redeveloped it after seeing what is the current situation in the cinema industry,” Tan told reporters in a recent briefing.
“We have right-sized them,” he added.
Retail space boost
This will contribute to an estimated 20,000 square meters of new retail space at the shopping mall in Mandaluyong City, which is currently SM Prime’s best-performing mall, with SM North EDSA and SM Mall of Asia not far behind.
“There’s a huge waiting list for spaces in SM Megamall, it’s one of the highest among all our 88 malls,” Tan explained.
New spaces will also make room for a series of new brands and experiences catering to the younger Gen Z market.
SM Megamall’s last major expansion was the addition of the Mega Fashion Hall in 2014.
Labubu coming to SM Megamall
Following the success of China’s Pop Mart pop-up stores, best known for Labubu collectibles, SM Megamall will soon welcome the brand’s first full-scale megastore.
Tan said they will also add new lifestyle and experience concepts such as virtual golf.
Apart from the cinemas, Megamall will feature a new Megatrade Hall, a redesigned food court, and upgraded common areas and restrooms.
They are also adding 1,600 parking slots for customers.
“It is a little bit painful to close a certain portion of Megamall because of the revenue it generates but we feel this is a more sustainable development for the business in general,” Tan explained.
The SM Megamall redevelopment will feature a 500-cubic-meter rainwater harvesting system, ETFE roofing, skylights, LED lighting, sensor-activated escalators, and potential solar panels.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
