SHOPPING POWERHOUSE. Ayala Malls' Greenbelt shopping complex is envisioned to be an emerging shopping powerhouse in the region, especially for fashion and luxury brands. Greenbelt's redevelopment project targets to accommodate global luxury brands in this mall in Makati City. (Courtesy of Ayala Malls)
MANILA – A mall operator is positioning the Philippines as the next shopping hub in Southeast Asia as more luxury fashion brands become more interested in setting up shops in the country.
Ayala Malls vice president Maria Aurora Legarda told reporters on Thursday that eight to 10 luxury brands, including luxury heritage names, want to put up stores at the Greenbelt shopping complex in Makati City.
Legarda said most of these brands do not have a presence yet in the Philippines.
On luxury shopping, the Philippines will then be competing with Bangkok, Singapore and Vietnam in Southeast Asia, as well as Hong Kong and Japan in the region.
Some luxury fashion brands with stores at Greenbelt include Bvlgari, Fendi, Gucci, Hermes, Louis Vuitton and Prada, among others.
“We are quite surprised that all of them would like to expand,” she said. "Very frustrating on our part that we cannot accommodate more because of the limited spaces that we have. That’s why we redeveloped.”
On Thursday, Ayala Malls announced that it is embarking on a PHP13-billion mall redevelopment for its flagship shopping centers —Glorietta, Greenbelt 2, Trinoma and Ayala Center Cebu.
Legarda said that according to the principals of these luxury brands, two of their top five buyers globally are Filipinos.
“Why not have them here? They’re all knocking at our doors because they know the capacity of the Filipino,” she said.
She added that Greenbelt merchants have developed a big local clientele than foreign buyers in the shopping complex.
“The market here is definitely ready,” Legarda said.
Aside from local buyers, Greenbelt is also banking on tourist arrivals in the country.
With the mall revamp, Legarda said Greenbelt will have a good mix of international and Filipino brands that “have a global appeal.”
The reconstruction of Greenbelt 2 will start this first quarter of 2024 and will be fully completed by 2026. (PNA)
