SM Prime Holdings Inc. said it will open on Friday a 51,000-square meter (sqm) SM mall in Laoag city.
The three-level mall — the company’s first in Ilocos Norte — opens with 90 percent of its space lease-awarded. It is expected to generate some 4,000 jobs for Ilocanos across retail, operations and support services, SM Prime said in a statement on Wednesday.
“SM City Laoag is strategically located along Airport Road, just minutes from the city center and near Laoag International Airport. Surrounded by established commercial zones and growing residential developments, the mall is poised to become a new urban anchor for Northern Luzon,” the company said.
Jeffrey Lim, SM Prime president, said SM City Laoag reinforces the company’s commitment “to bring modern, accessible and community-oriented retail experiences to underserved but fast-growing areas.”
“We’re excited to support the region’s economic momentum,” he added.
“A central open-air park, ‘Dap-ayan’, named after the Ilocano word for gathering place, will serve as a community space for events and leisure,” SM Prime said.
Lim said SM Prime is also looking at putting up a complementary hotel development in Laoag to tap into the area’s growing tourism and meetings, incentives, conferences and exhibitions (MICE) prospects.
Lim cited Ilocos Norte’s 8.6 percent economic growth in 2024—the fastest among provinces in Region I—driven by gains in services, accommodation and transport.
SM City Laoag is one of the three malls SM Prime is planning to open this year. It is also set to open a mall in La Union and Zamboanga City later this year.
Lim earlier said SM Prime expects to close the year with 8.08 million sqm of retail space.
