MANILA Cushman & Wakefield Global Cities Retail Guide - Cushman & Wakefield Retail
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MANILA
Cushman & Wakefield
Global Cities Retail Guide
Cushman & Wakefield | Manila | 2019 0
Metro Manila, the country’s capital
region, consists of 16 cities and one
municipality. This includes the
country’s most populated city,
Quezon City, and the primary
financial and business hubs, Makati
Central Business District and
Bonifacio Global City in Taguig City.
As of 2018, Metro Manila has more than 100 operational
shopping centers, with eleven (11) more anticipated for
completion up to year 2022. The region is home to three
(3) of the largest shopping malls in the Philippines,
namely: SM City North EDSA in Quezon City, SM
Megamall in Mandaluyong City, and SM Mall of Asia in
Pasay City.
FACTS ABOUT METRO MANILA:
12.88 million (2015 Census) total population
4.8 million total foreign visitor arrivals via Manila airports
and seaports in 2018 MANILA
7.9 million sqm approximate existing retail space in
shopping centers and malls in Metro Manila as of 2018.
OVERVIEW
Cushman & Wakefield | Manila | 2019 1
MANILA
KEY RETAIL STREETS & AREAS
BAY AREA BONIFACIO GLOBAL CITY (BGC)
The Bay Area along the coast of Manila Bay stretches from Bonifacio Global City has attracted a lot of office relocations,
Parañaque City to Pasay City. With healthy a demand coming proving itself as a popular business district among multi-national
from offshore gaming, IT-BPM, and retail segments, it is home to companies and financial institutions, among others. Apart from
one of the country’s biggest retail complexes, the SM Mall of its office buildings and upper-mid to high-end residential
Asia (MOA). The MOA complex is a place to a number of offices developments, retail establishments can be found sprawled over
and residential properties, while its mall is set to become one of the area. BGC is home to the country’s first high street type
the world’s biggest after its planned expansion. Recently, Ayala development, the Bonifacio High Street. Uptown Bonifacio,
(a leading developer of real estate in the Philippines) launched Megaworld’s township, is also located in BGC and has its own
Ayala Malls Bay Area in Parañaque City. The first phase of which mall and an adjoining Uptown Parade retail strip. Also within
is expected to start operation by the end of 2019. BGC are Ayala Malls’ Market! Market!, completed in 2003 and
SM Supermalls’ first high-end concept mall, SM Aura Premier,
MAKATI CITY completed in 2013.
Ayala Center Makati continues to be a bustling shopping district
QUEZON CITY
and a key development in the financial district that is Makati
Central Business District (CBD). Its shopping malls include Quezon City, being the largest and most populous city across the
Greenbelt, Glorietta, SM Makati, and Landmark. Pedestrians can country, has a lot of major developments. The major shopping
easily walk from one mall to another through numerous bridges malls include SM City Fairview, SM City North EDSA, and
and pathways. Ayala Center Makati also serves as a major Ayala’s TriNoma – the last two malls are situated across each
transportation hub. The area is a main stop for the premium other along the major highway, EDSA. Adjacent to TriNoma is
point-to-point (P2P) bus service, and also provides access to the Ayala’s emerging district, Vertis North. Its mall opened its doors
Metro Rail Transit (MRT) system. Also within Makati City are to the public in 2017. The presence of IT-BPM offices in Vertis
bustling mixed-use developments, with popular shopping malls North, as well as a hotel, drives traffic not just to Vertis North Mall
known as the Powerplant Mall– a high-end retail establishment in but also to the adjacent shopping centers including the high
Rockwell Center and the Century City Mall within the Century street type development called Centris Walk. Araneta City, a
City complex. mixed-use commercial area, also hosts several retail
establishments namely Ali Mall and Gateway Mall. Moreover,
ORTIGAS CENTER Ayala completed the second phase of another retail development
Ortigas Center is a secondary business district spanning across in the area in 2016 – the UP Town Center in Katipunan, which
the cities of Pasig, Mandaluyong, and Quezon. One of the doubled the development’s capacity, while Robinsons Magnolia
largest malls—both locally and globally—is SM Megamall, which is set to open a new wing by the end of 2019.
expanded with its Fashion Hall in 2013. In close proximities are
Shangri-La Plaza Mall and the newly renovated Robinsons
Galleria and Podium Mall. These shopping malls generally have
high footfall aided by the easy access to various modes of public
transportation. In 2017, Ayala Malls established its first presence
in Ortigas through Ayala Malls the 30th.
Cushman & Wakefield | Manila | 2019 2
MANILA
MARKET OVERVIEW
KEY AREAS/
AVERAGE TYPICAL
STREETS/ CONSUMER MAJOR RETAILERS
NEW ENTRANTS GROUND FLOOR RANGE OF UNIT
SHOPPING PROFILE PRESENT
RENT SIZES
CENTERS
H&M, Uniqlo, Forever 21, Zara,
Tiffanny & Co, John Lobb
Mango, Louis Vuitton, Gucci, 2,300 PHP/ SQM/
Makati City Class A, B, and C Bootmaker, Off-White, Vera 45 – 100 SQM
Starbucks Reserve, Crate & MONTH
Wang
Barrel
Zara, H&M, Forever21, Crate & At Tokyo, Popeyes, Travelon, 2,000 PHP/ SQM/
Pasig-Mandaluyong City Class A, B, and C 45 – 100 SQM
Barrel, Uniqlo, Gucci Innisfree, KVIK MONTH
Puma Select , Mr. DIY , M
Uniqlo, Pottery Barn, Mango, 2,100 PHP/ SQM/
Taguig City Class A, B, and C Bakery, Shake Shack, Aigle, 45 – 100 SQM
Forever 21, Bench MONTH
Malongo, Elephant Grounds
H&M, Uniqlo, Forever 21, Presotea , Anello, Legato Largo, 2,300 PHP/ SQM/
Quezon City Class A, B, and C 45 – 100 SQM
Bench, Penshoppe Baseus, Club Clio MONTH
Forever 21, Uniqlo, H&M, Cotton The Alley, FitFlop Galleon, Jim’s 2,000 PHP/ SQM/
Pasay City Class A, B, and C 45 – 100 SQM
On, Zara Recipe, Specialized MONTH
Cushman & Wakefield | Manila | 2019 3
MANILA
SHOPPING CENTERS
SM MEGAMALL
TRINOMA
SM Megamall is currently the second largest shopping
mall in the Philippines and places among the world’s Ayala’s TriNoma mall, completed in 2007, is located in
largest malls. The mall has three (3) adjoining buildings Quezon City. It is one of the most popular places in the
with a total floor area of 474,225 sqm. Since the opening city, which can be easily accessed by foot from adjacent
of its Fashion Hall, the mall hosts flagship stores of developments, SM City North EDSA and the rest of
various foreign retailers, including H&M, Uniqlo, and Zara. Ayala’s Vertis North district. It also hosts various transport
The mall is popular for its large selection of retailers and terminals, being bounded by EDSA, Mindanao Avenue,
its central location. It is easily accessible through public and North Avenue, and is connected to the MRT system.
and private transportation. While IT-BPM companies, such
as Convergys, have been locating in Megamall since
2012, SM is dedicating a separate building for more
companies to locate there. This new building is called
Megatower and will be completed in 2020.
SM CITY NORTH EDSA
SM City North EDSA is located in Quezon City and has a
floor area of approximately 498,000 sqm. To date, it is the
SHANGRI-LA PLAZA MALL
country’s largest mall and one of the major shopping
Shangri-La Plaza Mall is an upscale mall development by destinations in the city, which has been constantly
Shang Properties within Ortigas Center. It is adjoined to expanding from its initial operations in 1985. Since then,
Edsa Shangri-La Hotel and is surrounded by a number of SM City North EDSA saw the addition of The Block in
high-rise residential buildings, providing a steady source 2006, The Annex in 2008, Sky Garden in 2009, and The
of mall-goers. Luxury brands have established their North Towers in 2018. Like other SM malls, SM City North
flagship stores mostly in the mall’s newer east wing. Some EDSA will dedicate a building to office relocations which
of these brands are Gucci, Alexander McQueen, and will boost its visitor traffic.
Givenchy.
Cushman & Wakefield | Manila | 2019 4
MANILA
SHOPPING CENTERS
SM MALL OF ASIA GLORIETTA
The SM Mall of Asia is among the world’s largest malls Glorietta is one of Ayala’s central developments in Makati
with an existing floor area of 432,819 sqm. Its massive CBD. It is a mall complex consisting of four interconnected
expansion plan that will add 250,000 sqm to its size upon sections (Glorietta 1, 2, 3, and 4) and a separate block
completion will establish it as the largest mall locally with a called Glorietta 5. The mall is directly connected to SM
floor area of approximately 682,819 sqm. It is centered Makati and Landmark and has an access point to the
among SM’s other developments, including its office MRT. Its last redevelopment was in 2012 after the
complex and condominiums. It has an adjoining events overhaul of Glorietta 1. It has maintained its popularity to
venue often hosting large conferences, as well as an this day and is surrounded by office buildings, hotels, and
arena for performance shows. The neighboring residential developments.
entertainment district and tourist destination make it an
ideal stop for visitors and locals alike.
GREENBELT
BONIFACIO HIGH STREET (BHS) Greenbelt is also an anchor development of Ayala in
Makati CBD. It is also comprised of five buildings,
Ayala’s Bonifacio High Street is located in BGC and is the Greenbelt 1, 2, 3, 4, and 5. Each building caters to a
first of its kind in the country. It utilizes the retail street specific demographic from mid-range to luxury brands. It
concept and is a flagship project of Ayala Land Inc (ALI). It also has various food options from casual to high-end
opened in 2007 and expanded in 2012 with Bonifacio High dining. It was designed to have a significant amount of
Street Central – a combination of open-air retail street and open space, with lots of verandas and gardens as part of
indoor retail concepts. In 2018, One Bonifacio High Street its park-like ambience.
retail was opened, which serves as a podium of the
Philippine Stock Exchange Tower and a residential
condominium called the The Suites @ One Bonifacio High
Street. BHS exists across Ayala’s residential
developments, One Serendra and Two Serendra.
Cushman & Wakefield | Manila | 2019 5
DEVELOPMENT TO WATCH OUT FOR
GATEWAY MALL 2&3
ARANETA CYBERPARK, QUEZON CITY
Total Size (Sqm) ~220,000
- Retail GLA N/A
- Leisure/Entertainment
N/A
GLA
2020 (Gateway Mall 2)
Planned Opening Date
TBA (Gateway Mall 3)
Consumer Profile Class A, B, and C
ABOUT THE DEVELOPMENT
An expansion project to master-planned BPO district
that will double the retail space of the first Gateway Mall
and hotel developments. Gateway Mall 2 is adjacent to
the planned Ibis Styles Hotel.
MANILA
NEW DEVELOPMENT
TO WATCH
Cushman & Wakefield | Manila | 2019 6
MANILA
FOOD & BEVERAGE
The retail sector continues to be
largely dominated by the Food and
Beverages (F&B) segment, which
accounts for 60% of the tenant mix of
shopping malls.
The popularity of F&B concepts lures foreign brands to Majority of these F&B operators are drawn towards the
venture into the local scene as it shows that 42% of the thriving business districts of Bonifacio Global City and
new foreign brand entries in the past two years are from Makati CBD to take advantage of high foot traffic especially
the segment. New entrants are mostly Asian brands, from the young working population. Nonetheless, dining out
which include The Alley, Menya Kokoro, Elephant options are increasing even outside of the CBDs, especially
Grounds, Honolulu Café, and Tiger Sugar Bubble Tea. as foreign food brands have increased their presence all
Noteworthy new entrants with western concept include over Metro Manila.
Shake Shack, Popeyes, and Pizza Express.
KEY CONSUMER ESTIMATED AVERAGE
FOOD & BEVERAGE OPERATORS
AREAS PROFILE GOUNDFLOOR RENT
SaladStop!, TWG Tea, Bulgogi Brothers,
Makati City Class A, B, and C 2,300 PHP/ SQM/ MONTH
Chili’s, Saboten, Toby’s Estate
Pasig/
Ippudo, Tim Ho Wan, Din Tai Fung,
Mandaluyong Class A, B, and C 2,000 PHP/ SQM/ MONTH
TuanTuan, Maisen
City
Tim Hortons, M Bakery, Nadai , Pizza
Taguig City Class A, B, and C 2,100 PHP/ SQM/ MONTH
ExpressFujisoba, M Bakery, Shake Shack
Bakers Maison, Presotea, Macao Imperial
Quezon City Class A, B, and C 2,300 PHP/ SQM/ MONTH
Tea, Dohtonbori
The Alley, Dohtonbori, Paradise Dynasty,
Pasay City Class A, B, and C 2,000 PHP/ SQM/ MONTH
Modern Shanghai, Jim’s Recipe
Cushman & Wakefield | Manila | 2019 7TETET CASTRO Director, Tenant Advisory Group Cushman & Wakefield Philippines, Inc. 9th Floor Ecotower 32nd Street corner 9th Avenue Bonifacio Global City, Taguig City Metro Manila, Philippines Tel: +63 2 554-2927 Email: tetet.castro@ap.cushwake.com No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and the same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by our principals. © 2019 Cushman & Wakefield LLP. All rights reserved.
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