CEBU is considered the “next big thing” in retail and commercial developments, according to the Philippine Retailers Association (PRA).
With the influx of retail investors in the province, PRA president Rosemarie Bosch Ong said Cebu has sustained the growth of employment opportunities, which in turn fueled consumption growth.
“Metro Cebu remains the largest retail hub outside Metro Manila. With a strong and growing business process management sector, as well as strong overseas Filipino remittances, consumption has been a big contributor to its growth and progress. Correspondingly, retail is a big beneficiary of such growth,” said Ong in a statement.
She mentioned the planned integrated development of the Gokongwei family in Cebu’s South Road Properties as an additional boost to Cebu’s retail landscape. She said that the project is another major push to make Cebu a major retail and tourism hub.
The Gokongweis’ proposed development under the Universal Hotels and Resorts Inc. (UHRI) will consist of a commercial and shopping center, a theater for performing arts, a convention center, an integrated resort and gaming facility, three hotels, a theme park, a public art installation and parking facilities.
Ong said that while retail developments will also house luxury brands, it presents opportunities for local players to step up in the game through innovation.
“Apart from the international luxury brands, we are excited to see locals innovate and showcase their crafts and businesses for a global crowd in this new avenue,” she said.
As of 2017 Cebu’s retail stock reached 1.06 million square meters (sq.m). Super-regional malls or outlets with gross leasable area (GLA) of more than 100,000 sq.m, account for about 60 percent of Cebu’s retail stock, according to Colliers International Philippines.
“The province and its constituents will definitely benefit from this development,” said Ong. (KOC)