SM Supermalls reports record revenue amid Megamall redevelopment

SM Supermalls reported record revenues of P41.8 billion for the first half of the year, an 8% increase from P38.6 billion. This growth was driven by expanded leasable space, which grew to 5.1 million square meters, and a 4% increase in the number of tenants to 23,174. The company also noted steady average daily foot traffic of 3.7 million.

As part of a strategic redevelopment, SM has demolished Building A of SM Megamall to address chronic parking issues. President Steven Tan described the decision to tear down the high-revenue section as a necessary step to resolve gridlock and improve customer access. The P7-billion project involves creating several underground levels to add thousands of parking spots. The rebuilt complex is being designed by the UK-based firm Benoy.

Beyond physical infrastructure, SM is diversifying its offerings with sports and leisure, including the addition of 102 pickleball courts across 32 properties. The company is also expanding its sustainability efforts, increasing its solar power capacity to 122 MWp and providing EV charging stations across all 90 of its malls.