Cebu Malls to See Customer Surge

Malls in Cebu got a heads up for a coming customer surge this year.

Colliers International said because of the loosening of COVID-19 restrictions, businesses that closed during the pandemic will start to reopen again.

Malls are also told to prepare for “revenge shopping” now that Cebu is now under a much lenient alert level.

Colliers urge malls to become proactive and take advantage of this customer surge and the increase in retail space demand.

Malls in Metro Cebu have a vacancy rate of around 6.4% this 2022, caused by the series of business shutdowns during the pandemic’s peak. With loose restrictions, many of these businesses will reopen again.

According to Colliers, the bulk of business that will reopen will come from the food and beverage industry, followed by clothing and footwear retailers.

Foreign retailers that will enter the Philippine market will also take up most of the retail spaces after 2022.

Moreover, according to Colliers, national and local developers continue to build new malls in Cebu, from 2019 to 2022. Prominent new mall openings were the Ayala Central Bloc in Cebu IT Park, Il Corso by Filinvest, Elizabeth Mall expansion, Iconique Mall in Colon St., and City Mall in N. Bacalso Ave. (ASC)