Philippine mall giant SM Supermalls posts record $714.5m revenue in H1

This was driven by higher leasable space and tenant sign-ups.

SM Supermalls posted record first-half revenues of US$714.5m (PHP41.8b), up 8% year on year from US$659.8m (PHP38.6b), driven by higher leasable space, tenant sign-ups and steady foot traffic.

Total gross leasable area grew 3% to 5.1 million square meters whilst tenant count rose 4% to 23,174. Average daily foot traffic held steady at 3.7 million.

The mall operator added 41 Pickleball courts in the first half, bringing its total to 102 courts across 32 properties nationwide.

On sustainability, it raised its rooftop solar capacity to 122 megawatts-peak from 100 MWp, with further expansion planned by year-end.

Looking ahead, SM is set to open its 91st mall, SM Nuvali, extending its footprint into the South Luzon and Calabarzon growth corridor with what Tan described as an upscale mall concept new to the Philippine market.