SM Prime Holdings, Inc. is set to open the redeveloped SM Iloilo Terminal Market and SM Iloilo Central Market this November, following a P3-billion redevelopment project aimed at expanding capacity for local vendors and supporting micro, small, and medium enterprises (MSMEs).
“We soft opened a couple of weeks ago, and it will be fully operational by end of this month, November,” SM Supermalls President Stephen T. Tan said during a briefing on Monday.
Under a public-private partnership signed with the Iloilo City government in August 2022, SM Prime redeveloped the Central Market (also known as Tienda Mayor) and Terminal (or Super) Market, breaking ground in 2023. The combined redevelopment covers a total gross floor area of 62,000 square meters (sq.m.).
“This is not actually a business move or an expansion program. This is just a natural extension or progression because of our commitment to MSME development,” SM Prime President Jeffrey C. Lim said.
“This is really more to support Filipino entrepreneurs, which is part of how we do business and as we move towards the provincial areas, so we can create shared growth between us and the SMEs,” he added.
The SM Iloilo Terminal Market spans 20,000 sq.m., offering 58 long-term leasable spaces, while its expanded market section can accommodate 1,160 vendors, up from 911 previously. The 17,000-sq.m. SM Iloilo Central Market has 61 long-term leasable spaces and dining areas for local dishes, with capacity for 859 vendors, up from 529.
“If you look at the tenant mix of the public market, it’s completely different from that of the mall. It’s really to encourage small businesses to do business,” Mr. Tan said.
About 99.63% of all businesses in the Philippines are MSMEs, with 4.26% located in the Western Visayas region. The redevelopment was completed at no cost to the city, and the markets will be managed by the city’s Local Economic Enterprise Office to maintain their public character.
SM Prime noted that the modernization is also expected to boost local cuisine offerings.
The company posted an 8% year-on-year increase in its third-quarter net income to P12.8 billion from P11.8 billion, driven by higher contributions from its malls, hotel, and convention center businesses.
On Thursday, SM Prime closed at P19.42, down 0.04 or 0.21%. — Beatriz Marie D. Cruz
