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Wednesday, September 28, 2005
Crossroads undergoes expansion, owner gets calls for more space
To answer the strong demand for more spaces, Crossroads Mall in Banilad, Cebu is now currently constructing five more additional units for lease.
“It would be our last hurrah for this area. The last five units that we will be offering would be the last ones for Crossroads because we won’t have space to lease out anymore,” said Monina Blanco, manager of Cuervo Far East Inc. (CFEI-Cebu), in an interview.
She added, however, that the owner of Crossroads Mall is negotiating with some property owners to be able to expand.
The additional units would have an area ranging from 60 to 70 square meters and would face the Banilad road to ensure maximum visibility, she said.
Non-food
CFEI, a real estate service company that pioneered the strip mall concept in Cebu, is the marketing agent of Crossroads Mall.
For its additional units, the mall management is now targeting non-food and beverage outlets.
“Our existing restaurants and bars have been enjoying excellent patronage notably during mealtime and watering hole hours.
With a varied tenancy mix (brought by the expansion), we expect to bring in more of the day crowd as well,” Blanco said.
She added that “creative entrepreneurs” or any company that will offer what the current tenants of Crossroads are not offering would be given preference to avoid duplicity and competition among them.
A supermarket may not be feasible anymore because of the other malls nearby, she said.
15 tenants
“A health and fitness gym, a yoga center, ballet center or any of that kind would be good,” she added.
Developed more than four years ago, Crossroads Mall sits on a lot that covers almost a hectare. It has 15 tenants that include K-1, Vudu, Krua Thai, Big Mao, Olio, Meddah Spa, Tsai Asian restaurant, Banri Noodles, Expose Salon and La Marea.
“We believe Crossroads Mall initiated a spark of success for retail project concepts in Banilad and we are happy to note the developing growth of other mall concepts in the area as well,” she added.
Blanco also revealed that Krua Thai would soon put up a Vietnamese restaurant in Cebu.
She said Cebuanos have become eclectic and adventurous even with food. She added that Cebuanos who work in call centers also like to dine out. (ALC)
(September 28, 2005 issue)
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