SM says daily foot traffic hit 5.2 million in 2024

SM PRIME HOLDINGS, Inc. said its mall unit SM Supermalls recorded an average daily foot traffic of 5.2 million in 2024, up 6% from 4.9 million in 2023.

“Favorable economic conditions, mall and tenant expansion, and a strong mix of entertainment and in-mall events contributed to the record performance,” SM Prime said in a regulatory filing on Wednesday.

SM Supermalls had 22,579 tenant stores as of end-2024, nearly 70% of which were micro, small, and medium enterprises. It also saw the entry of new foreign brands, including Disney Store, National Geographic, Nitori, and Paris Baguette.

“This milestone reflects the trust and loyalty of our shoppers, the strength of our tenant partnerships, and the evolution of our malls as vibrant community hubs,” SM Supermalls President Steven T. Tan said.

SM Supermalls opened two new malls last year, expanding the company’s portfolio to 87. These include SM City Caloocan, launched on May 17, covering 53,577 square meters (sq.m.) across three levels, and SM J Mall, unveiled on Oct. 25, with 78,229 sq.m. of retail space across four levels.

SM Supermalls previously allocated about P21 billion to expand its gross floor area (GFA) for 2025. New developments will add 205,400 sq.m. of GFA, while 124,488 sq.m. of existing mall space will be redeveloped.

It also aims to attract more visitors by hosting large-scale events, regular activities, and new attractions.

“As we enter SM’s Bold New Era, our expansion strategy remains focused on strengthening our presence in key areas, curating an optimal tenant mix, and continuously evolving with our customers to meet their changing needs and aspirations,” Mr. Tan said.

SM Prime earmarked P100 billion in capital expenditures this year, allocated to malls, residences, and integrated property developments.

For 2024, SM Prime saw a 14% increase in consolidated net income to P45.6 billion, as revenue climbed 10% to P140.4 billion.

On Wednesday, shares of SM Prime rose by 1.91% or 45 centavos to P23.95 apiece. — Revin Mikhael D. Ochave