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SM Prime Holdings, Inc. is poised to launch the renovated SM Iloilo Terminal Market and SM Iloilo Central Market this November, following a P3-billion redevelopment initiative aimed at enhancing capacity for local sellers and assisting micro, small, and medium enterprises (MSMEs).
“We had a soft opening a few weeks ago, and it will be fully operational by the end of this month, November,” stated SM Supermalls President Stephen T. Tan during a briefing on Monday.
Under a public-private collaboration signed with the Iloilo City administration in August 2022, SM Prime transformed the Central Market (also referred to as Tienda Mayor) and Terminal (or Super) Market, breaking ground in 2023. The total redevelopment encompasses a gross floor area of 62,000 square meters (sq.m.).
“This is not primarily a commercial strategy or an expansion initiative. This is merely a natural extension or progression stemming from our dedication to MSME advancement,” remarked SM Prime President Jeffrey C. Lim.
“This endeavor is truly more about aiding Filipino entrepreneurs, which aligns with our business ethos as we expand into provincial regions, creating shared growth between us and the SMEs,” he further commented.
The SM Iloilo Terminal Market spans 20,000 sq.m., providing 58 long-term rental spaces, while its enlarged market section can host 1,160 vendors, an increase from the previous 911. The 17,000-sq.m. SM Iloilo Central Market features 61 long-term rental spaces and dining locales for local cuisine, with a capacity for 859 vendors, up from 529.
“When examining the tenant mix of the public market, it stands in stark contrast to that of the mall. It’s really aimed at promoting small businesses to operate,” Mr. Tan stated.
Approximately 99.63% of all enterprises in the Philippines comprise MSMEs, with 4.26% situated in the Western Visayas area. The redevelopment was accomplished at no expense to the city, and the markets will be overseen by the city’s Local Economic Enterprise Office to preserve their public essence.
SM Prime emphasized that the modernization is also anticipated to enhance local culinary offerings.
The company reported an 8% year-on-year rise in its third-quarter net income to P12.8 billion from P11.8 billion, fueled by increased contributions from its malls, hotel, and convention center sectors.
On Thursday, SM Prime concluded trading at P19.42, a decline of 0.04 or 0.21%. — Beatriz Marie D. Cruz
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