F&B and fashion retailers continue to lord it over the retail space take-up. Meanwhile, the boom in the local retail sector has also gotten a great degree of attention from foreign retailers that are checking out the scenario in the regional and super regional malls. From Q4 2023 to Q1 2024, Colliers Philippines director for research Joey Roi Bondoc said they monitored the completion of regional and super-regional malls.
“From 2024 to 2026, the Bay Area and Quezon City will contribute to the new retail space completion,” Bondoc pointed out. “For the Metro Manila retail sector, innovation is the name of the game. We see aggressive transformation of retail spaces as operators scramble to attract new foreign retailers and sustain footfall.
Expect more refreshed leasable spaces in the years to come. Retailers are also likely to be more strategic especially with transit-oriented retail becoming the norm, Bondoc added. Bondoc also stressed the need to relocate in transit-oriented retail spaces.
In 2023, Colliers observed that some local and foreign brands transferred from stand-alone malls in Metro Manila to transit-oriented retail spaces like One Ayala. Colliers believes that more foreign and local retail tenants are likely to gravitate towards transit-oriented retail spaces for the remainder of 2024. Malaysia-based ZUS Coffee is one of the foreign players that has recognized the growth of the local F&B market.
The coffee startup says it will open 150 outlets this year as pa.
