Mall developers are redesigning their malls to incorporate a lifestyle-centric retail mix to retain old consumers and appeal to a younger profile of mall goers, said property consultant Colliers International.
Colliers noted a “sustained retail space absorption from F&B (food and beverage) retailers which account for nearly 40 percent of incoming tenants in malls across Metro Manila.”
“For Filipinos, food will remain king. Despite disruptive technologies that redefine the way we shop, retail space absorption from F&B firms is likely to dominate while clothing and footwear will cover about 17 percent of tenants due to occupy space from 2019 to 2021,” it said.
Starting 2014 with the opening of Century City’s Hole in the Wall, this was followed in 2018 with Podium’s Corner Market and Rockwell Powerplant’s The Grid, Colliers said.
“The most recent iteration is Ayala Glorietta’s Food Choices that has undergone a six-month revamp,” it said.
“These food courts have incorporated unique themes and modern design, creating a destination within the mall that functions as a public park, where people can spend longer periods of time dining, working, and even shopping. This demonstrates the developers’ strategy to create more impact through visitor engagement, footfall and spending,” Colliers added.
Aside from a wide array of F&B options, mall visitors will also be attracted by spacious public seating, interactive kiosks and pop-up stores, instagrammable spaces, limited-edition items, airconditioned chapel, organic vegetable garden, gourmet food hall and an expansive retail space for bazaar tenants, it said.
Colliers noted an increase in the overall vacancy in Metro Manila’s retail space to 10 percent in the first quarter of 2019, from 9 percent six months ago.
This was the first time that retail vacancy in the metro rose after three consecutive quarters of decline.
