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0Cushman & Wakefield | Manila | 2019
MANILACushman & Wakefield
Global Cities Retail Guide
1Cushman & Wakefield | Manila | 2019
MANILA
OVERVIEW
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
7.9 million sqm approximate existing retail space in
shopping centers and malls in Metro Manila as of 2018.
2Cushman & Wakefield | Manila | 2019
BAY AREA
The Bay Area along the coast of Manila Bay stretches from
Parañaque City to Pasay City. With healthy a demand coming
from offshore gaming, IT-BPM, and retail segments, it is home to
one of the country’s biggest retail complexes, the SM Mall of
Asia (MOA). The MOA complex is a place to a number of offices
and residential properties, while its mall is set to become one of
the world’s biggest after its planned expansion. Recently, Ayala
(a leading developer of real estate in the Philippines) launched
Ayala Malls Bay Area in Parañaque City. The first phase of which
is expected to start operation by the end of 2019.
MANILAKEY RETAIL STREETS & AREAS
QUEZON CITY
Quezon City, being the largest and most populous city across the
country, has a lot of major developments. The major shopping
malls include SM City Fairview, SM City North EDSA, and
Ayala’s TriNoma – the last two malls are situated across each
other along the major highway, EDSA. Adjacent to TriNoma is
Ayala’s emerging district, Vertis North. Its mall opened its doors
to the public in 2017. The presence of IT-BPM offices in Vertis
North, as well as a hotel, drives traffic not just to Vertis North Mall
but also to the adjacent shopping centers including the high
street type development called Centris Walk. Araneta City, a
mixed-use commercial area, also hosts several retail
establishments namely Ali Mall and Gateway Mall. Moreover,
Ayala completed the second phase of another retail development
in the area in 2016 – the UP Town Center in Katipunan, which
doubled the development’s capacity, while Robinsons Magnolia
is set to open a new wing by the end of 2019.
ORTIGAS CENTER
Ortigas Center is a secondary business district spanning across
the cities of Pasig, Mandaluyong, and Quezon. One of the
largest malls—both locally and globally—is SM Megamall, which
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.
MAKATI CITY
Ayala Center Makati continues to be a bustling shopping district
and a key development in the financial district that is Makati
Central Business District (CBD). Its shopping malls include
Greenbelt, Glorietta, SM Makati, and Landmark. Pedestrians can
easily walk from one mall to another through numerous bridges
and pathways. Ayala Center Makati also serves as a major
transportation hub. The area is a main stop for the premium
point-to-point (P2P) bus service, and also provides access to the
Metro Rail Transit (MRT) system. Also within Makati City are
bustling mixed-use developments, with popular shopping malls
known as the Powerplant Mall– a high-end retail establishment in
Rockwell Center and the Century City Mall within the Century
City complex.
BONIFACIO GLOBAL CITY (BGC)
Bonifacio Global City has attracted a lot of office relocations,
proving itself as a popular business district among multi-national
companies and financial institutions, among others. Apart from
its office buildings and upper-mid to high-end residential
developments, retail establishments can be found sprawled over
the area. BGC is home to the country’s first high street type
development, the Bonifacio High Street. Uptown Bonifacio,
Megaworld’s township, is also located in BGC and has its own
mall and an adjoining Uptown Parade retail strip. Also within
BGC are Ayala Malls’ Market! Market!, completed in 2003 and
SM Supermalls’ first high-end concept mall, SM Aura Premier,
completed in 2013.
3Cushman & Wakefield | Manila | 2019
MANILAMARKET OVERVIEW
KEY AREAS/
STREETS/
SHOPPING
CENTERS
CONSUMER
PROFILE
MAJOR RETAILERS
PRESENTNEW ENTRANTS
AVERAGE
GROUND FLOOR
RENT
TYPICAL
RANGE OF UNIT
SIZES
Makati City Class A, B, and C
H&M, Uniqlo, Forever 21, Zara,
Mango, Louis Vuitton, Gucci,
Starbucks Reserve, Crate &
Barrel
Tiffanny & Co, John Lobb
Bootmaker, Off-White, Vera
Wang
2,300 PHP/ SQM/
MONTH45 – 100 SQM
Pasig-Mandaluyong City Class A, B, and CZara, H&M, Forever21, Crate &
Barrel, Uniqlo, Gucci
At Tokyo, Popeyes, Travelon,
Innisfree, KVIK
2,000 PHP/ SQM/
MONTH45 – 100 SQM
Taguig City Class A, B, and CUniqlo, Pottery Barn, Mango,
Forever 21, Bench
Puma Select , Mr. DIY , M
Bakery, Shake Shack, Aigle,
Malongo, Elephant Grounds
2,100 PHP/ SQM/
MONTH45 – 100 SQM
Quezon City Class A, B, and CH&M, Uniqlo, Forever 21,
Bench, Penshoppe
Presotea , Anello, Legato Largo,
Baseus, Club Clio
2,300 PHP/ SQM/
MONTH45 – 100 SQM
Pasay City Class A, B, and CForever 21, Uniqlo, H&M, Cotton
On, Zara
The Alley, FitFlop Galleon, Jim’s
Recipe, Specialized
2,000 PHP/ SQM/
MONTH45 – 100 SQM
4Cushman & Wakefield | Manila | 2019
TRINOMA
Ayala’s TriNoma mall, completed in 2007, is located in
Quezon City. It is one of the most popular places in the
city, which can be easily accessed by foot from adjacent
developments, SM City North EDSA and the rest of
Ayala’s Vertis North district. It also hosts various transport
terminals, being bounded by EDSA, Mindanao Avenue,
and North Avenue, and is connected to the MRT system.
SM MEGAMALL
SM Megamall is currently the second largest shopping
mall in the Philippines and places among the world’s
largest malls. The mall has three (3) adjoining buildings
with a total floor area of 474,225 sqm. Since the opening
of its Fashion Hall, the mall hosts flagship stores of
various foreign retailers, including H&M, Uniqlo, and Zara.
The mall is popular for its large selection of retailers and
its central location. It is easily accessible through public
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.
MANILASHOPPING CENTERS
SHANGRI-LA PLAZA MALL
Shangri-La Plaza Mall is an upscale mall development by
Shang Properties within Ortigas Center. It is adjoined to
Edsa Shangri-La Hotel and is surrounded by a number of
high-rise residential buildings, providing a steady source
of mall-goers. Luxury brands have established their
flagship stores mostly in the mall’s newer east wing. Some
of these brands are Gucci, Alexander McQueen, and
Givenchy.
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
country’s largest mall and one of the major shopping
destinations in the city, which has been constantly
expanding from its initial operations in 1985. Since then,
SM City North EDSA saw the addition of The Block in
2006, The Annex in 2008, Sky Garden in 2009, and The
North Towers in 2018. Like other SM malls, SM City North
EDSA will dedicate a building to office relocations which
will boost its visitor traffic.
5Cushman & Wakefield | Manila | 2019
GLORIETTA
Glorietta is one of Ayala’s central developments in Makati
CBD. It is a mall complex consisting of four interconnected
sections (Glorietta 1, 2, 3, and 4) and a separate block
called Glorietta 5. The mall is directly connected to SM
Makati and Landmark and has an access point to the
MRT. Its last redevelopment was in 2012 after the
overhaul of Glorietta 1. It has maintained its popularity to
this day and is surrounded by office buildings, hotels, and
residential developments.
SM MALL OF ASIA
The SM Mall of Asia is among the world’s largest malls
with an existing floor area of 432,819 sqm. Its massive
expansion plan that will add 250,000 sqm to its size upon
completion will establish it as the largest mall locally with a
floor area of approximately 682,819 sqm. It is centered
among SM’s other developments, including its office
complex and condominiums. It has an adjoining events
venue often hosting large conferences, as well as an
arena for performance shows. The neighboring
entertainment district and tourist destination make it an
ideal stop for visitors and locals alike.
MANILASHOPPING CENTERS
BONIFACIO HIGH STREET (BHS)
Ayala’s Bonifacio High Street is located in BGC and is the
first of its kind in the country. It utilizes the retail street
concept and is a flagship project of Ayala Land Inc (ALI). It
opened in 2007 and expanded in 2012 with Bonifacio High
Street Central – a combination of open-air retail street and
indoor retail concepts. In 2018, One Bonifacio High Street
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.
GREENBELT
Greenbelt is also an anchor development of Ayala in
Makati CBD. It is also comprised of five buildings,
Greenbelt 1, 2, 3, 4, and 5. Each building caters to a
specific demographic from mid-range to luxury brands. It
also has various food options from casual to high-end
dining. It was designed to have a significant amount of
open space, with lots of verandas and gardens as part of
its park-like ambience.
6Cushman & Wakefield | Manila | 2019
MANILA
NEW DEVELOPMENT
TO WATCH
DEVELOPMENT TO WATCH OUT FOR
GATEWAY MALL 2&3
ARANETA CYBERPARK, QUEZON CITY
Total Size (Sqm) ~220,000
- Retail GLA N/A
- Leisure/Entertainment
GLAN/A
Planned Opening Date2020 (Gateway Mall 2)
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.
7Cushman & Wakefield | Manila | 2019
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
venture into the local scene as it shows that 42% of the
new foreign brand entries in the past two years are from
the segment. New entrants are mostly Asian brands,
which include The Alley, Menya Kokoro, Elephant
Grounds, Honolulu Café, and Tiger Sugar Bubble Tea.
Noteworthy new entrants with western concept include
Shake Shack, Popeyes, and Pizza Express.
MANILAFOOD & BEVERAGE
KEY
AREAS
CONSUMER
PROFILEFOOD & BEVERAGE OPERATORS
ESTIMATED AVERAGE
GOUNDFLOOR RENT
Makati City Class A, B, and CSaladStop!, TWG Tea, Bulgogi Brothers,
Chili’s, Saboten, Toby’s Estate2,300 PHP/ SQM/ MONTH
Pasig/
Mandaluyong
City
Class A, B, and CIppudo, Tim Ho Wan, Din Tai Fung,
TuanTuan, Maisen2,000 PHP/ SQM/ MONTH
Taguig City Class A, B, and CTim Hortons, M Bakery, Nadai , Pizza
ExpressFujisoba, M Bakery, Shake Shack2,100 PHP/ SQM/ MONTH
Quezon City Class A, B, and CBakers Maison, Presotea, Macao Imperial
Tea, Dohtonbori2,300 PHP/ SQM/ MONTH
Pasay City Class A, B, and CThe Alley, Dohtonbori, Paradise Dynasty,
Modern Shanghai, Jim’s Recipe2,000 PHP/ SQM/ MONTH
Majority of these F&B operators are drawn towards the
thriving business districts of Bonifacio Global City and
Makati CBD to take advantage of high foot traffic especially
from the young working population. Nonetheless, dining out
options are increasing even outside of the CBDs, especially
as foreign food brands have increased their presence all
over Metro Manila.
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.
TETET 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
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