MANILA, PHILIPPINES — Filipino consumers may be watching every peso amid higher living costs and economic uncertainty, but four of the country’s biggest mall developers are preparing to invest a combined ₱184 billion in shopping centers, redevelopments and expansions through 2030.
SM Prime Holdings, Ayala Land, Megaworld Corporation and Robinsons Land Corporation have lined up 46 mall projects, according to property consultancy Colliers Philippines.
The investment pipeline includes 26 redevelopment projects, 17 new shopping centers and three mall expansions.
But the strategy is no longer simply about building more places to shop.
As Filipino households prioritize essential expenses, property developers are transforming shopping centers into lifestyle destinations featuring pickleball courts, entertainment facilities, wellness spaces, international restaurants and premium retail concepts.
Some developers are even turning former cinemas, parking areas and rooftops into spaces where visitors can play sports.
SM Supermalls alone reported operating 108 pickleball courts in 33 malls nationwide.
The transformation reflects an important shift in Philippine retail: attracting customers now increasingly depends on offering experiences they cannot obtain through online shopping.
But a massive question remains.
Can the country’s largest mall operators turn ₱184 billion in planned investments into sustainable business growth—or will weaker household spending and changing consumer habits undermine their ambitions?
FOUR MAJOR DEVELOPERS LINE UP ₱184 BILLION IN MALL PROJECTS
According to Colliers Philippines’ October 27, 2026 industry briefing, four major developers are preparing a combined ₱184-billion investment pipeline covering 46 mall projects through 2030.
The companies are:
- SM Prime Holdings
- Ayala Land
- Megaworld Corporation
- Robinsons Land Corporation
The portfolio includes new malls, upgrades to existing properties and expansions of established shopping centers.
However, the ₱184-billion figure represents planned investment across the development pipeline.
It does not mean that all the money has already been spent or that construction has begun on every project.
The available reporting also does not provide a complete, project-by-project spending breakdown for all four companies.
The investment plans remain subject to project schedules, market conditions and individual corporate decisions.
MOST PROJECTS INVOLVE REDEVELOPMENT RATHER THAN NEW MALLS
Of the 46 projects identified by Colliers, 26 involve redevelopments.
Seventeen are planned new shopping centers, while three involve expansions.
This means more than half of the projects involve improving existing retail properties.
The emphasis reflects a shift away from the previous model of continuously adding large amounts of new shopping space.
Developers are increasingly focused on making established malls more attractive and commercially productive.
Renovations may include improved layouts, updated interiors, new tenant mixes, dining destinations and entertainment facilities.
In some locations, existing spaces are being converted for different purposes.
The strategy allows operators to respond to changing customer preferences without necessarily constructing entirely new shopping centers.
FILIPINOS ARE SPENDING MORE CAREFULLY
Colliers research director Joey Bondoc said Filipino households continue prioritizing essential expenses such as food, education and healthcare.
Meanwhile, discretionary activities—including restaurant visits, hotel stays, transportation and recreation—face pressure from household budgets.
The consultancy cited rising fuel prices, inflation, geopolitical uncertainty and pressure on remittances as possible contributors.
However, those factors should not all be presented as independently established causes of lower mall spending without additional economic data.
The broader message is that consumers are becoming more selective.
Families may still visit shopping malls, but they may spend less on optional purchases.
This creates a challenge for retailers and landlords.
Foot traffic can remain healthy even when individual shoppers are more cautious about how much they spend.
PICKLEBALL IS BECOMING A MAJOR MALL ATTRACTION
One of the most visible changes is the growing popularity of pickleball.
The sport combines elements of tennis, badminton and table tennis and is generally played on a smaller court than tennis.
Its social and recreational appeal has encouraged commercial property operators to introduce dedicated facilities.
SM Supermalls reported operating 108 pickleball courts across 33 malls by October 2026.
These venues are being positioned as locations where customers can exercise, meet friends and participate in tournaments.
For mall operators, sports facilities may create opportunities to attract visitors who might not otherwise have planned a shopping trip.
However, additional visitor activity does not automatically guarantee higher retail sales.
The commercial benefit depends on spending by players and spectators, rental arrangements and the cost of maintaining facilities.
SM INVESTS ₱1 BILLION IN MULTISPORT FACILITIES
SM Supermalls announced a separate ₱1-billion investment in multisport facilities on October 2.
The program includes pickleball courts, bowling venues, skating facilities and other active-lifestyle spaces.
At the time, the company reported:
- 108 pickleball courts
- 176 bowling lanes
- Three Olympic-sized ice-skating rinks
SM’s investment reflects a strategy of expanding the role of shopping centers beyond conventional retail.
Instead of relying only on stores and restaurants, malls increasingly offer activities intended to encourage repeat visits.
However, the ₱1-billion sports program is separate from the industry’s combined ₱184-billion mall development pipeline.
The two figures should not be described as interchangeable.
SM’S PICKLEBALL NETWORK HAS EXPANDED RAPIDLY
The pace of SM’s expansion is notable.
In June 2026, SM reported 86 pickleball courts across 29 malls.
By October, the company reported 108 courts across 33 malls.
That represents an increase of 22 courts and four additional mall locations over the period.
SM has also organized pickleball activities and tournaments through its SM Active Hub program.
These events encourage participation among beginners and experienced players.
The company’s strategy seeks to create communities around sports and leisure.
Nevertheless, the long-term popularity of a recreational trend cannot be guaranteed.
Operators must evaluate whether court utilization and customer demand justify continuing investment.
AYALA MALLS THE 30TH TURNS A CINEMA INTO PICKLEBALL COURTS
Ayala Malls The 30th in Pasig City provides another example of changing retail space.
A former cinema area has been converted into pickleball courts.
The transformation demonstrates how operators are adapting spaces originally intended for traditional entertainment.
Cinema attendance patterns have changed as consumers gain access to streaming services and alternative leisure activities.
For property owners, underused theater space can present an opportunity for redevelopment.
Converting such areas to sports facilities may attract different groups of visitors.
However, a cinema-to-sports conversion should not be interpreted as proof that all cinemas are closing or that movie theaters have become unprofitable everywhere.
The viability of each facility depends on its location, customer base and operating costs.
BLUEWAVE MALL ALSO REPURPOSES CINEMA SPACE
Bluewave Mall has similarly transformed former cinema space into a sports deck, according to Colliers’ industry briefing.
The example highlights a broader willingness among property owners to reconsider how commercial space is used.
Traditional retail areas may be converted into activities that generate foot traffic or serve emerging consumer interests.
The trend is particularly relevant for properties where certain tenants no longer attract enough customers.
But changing the purpose of a space involves costs.
Property owners must assess construction requirements, safety standards, accessibility and expected commercial returns.
The success of one conversion does not guarantee that the same approach will work in every mall.
SM’S RETAIL STRATEGY EXTENDS BEYOND PICKLEBALL
SM’s expansion also reflects its effort to introduce more destination-oriented attractions.
The company has reported strong foot traffic across its mall network, supported by entertainment events, sports facilities and new retail concepts.
Its earlier corporate announcement said SM malls averaged approximately 115 million visits per month in 2025.
These figures illustrate the scale of its existing customer base.
However, visit counts do not necessarily represent unique individuals.
A person visiting the same mall several times may contribute multiple visits.
Strong foot traffic also does not directly establish how much each customer spends.
For property investors, rental performance, tenant sales and operating expenses remain essential measures.
AYALA LAND FOCUSES ON REDEVELOPING ESTABLISHED MALLS
Ayala Land has been pursuing major upgrades to some of its flagship retail properties.
Colliers’ earlier research identified projects involving TriNoma, Glorietta and Greenbelt.
The consultancy previously reported that Ayala Land had allocated approximately ₱17.5 billion for flagship retail redevelopments.
The strategy reflects the importance of maintaining established shopping destinations in highly competitive markets.
Modernization can help attract premium tenants and improve the customer experience.
But redevelopment also creates temporary disruptions.
Construction work may affect access, tenant operations and retail activity.
The eventual benefits depend on whether improved spaces attract sufficient demand to justify the investment.
MEGAWORLD EXPANDS ITS RETAIL PORTFOLIO
Megaworld has also announced plans to develop additional shopping centers, including destinations outside Metro Manila.
Colliers’ March 2026 market intelligence report highlighted Megaworld’s ₱10-billion investment plan for new malls in provincial locations.
The strategy complements the company’s integrated township developments.
Within a township, shopping centers can serve residents, office workers, hotel guests and surrounding communities.
This can create opportunities for recurring rental income.
However, announced investment commitments are not equivalent to completed retail developments.
The financial results will depend on construction, tenant occupancy and local consumer demand.
ROBINSONS LAND REMAINS PART OF THE EXPANSION WAVE
Robinsons Land is among the four developers identified in the ₱184-billion combined pipeline.
The company has continued pursuing shopping center development while also emphasizing improvements to existing properties.
Its mall operations must respond to the same pressures affecting other developers.
These include changing spending patterns, competition from online retail and rising operating costs.
Location and tenant selection remain important determinants of performance.
Robinsons Land’s involvement in the broader investment pipeline should not be interpreted as confirmation of a separately disclosed ₱184-billion budget for the company.
The amount is shared across the four developers’ combined plans.
INTERNATIONAL RETAILERS CONTINUE ENTERING THE PHILIPPINES
Despite cautious household spending, international brands remain interested in Philippine retail opportunities.
Colliers identified new and expanding businesses in food, beverages, clothing and specialty retail.
The trend includes brands offering specialty coffee, tea, pastries and chocolates.
Examples cited in the October briefing include:
- Lunch Lady from Vietnam
- Super Matcha from South Korea
- ChaTraMue from Thailand
- Cotti Coffee from China
The arrival of new concepts suggests that international retailers still see opportunities in Philippine consumer markets.
However, interest in expansion does not guarantee profitability.
New businesses must compete for customers while managing rental costs, staffing, supplies and marketing expenses.
FOOD AND BEVERAGE RETAILERS FACE A PARADOX
One of the more surprising findings from Colliers is the contrast between cautious consumer spending and strong retailer interest.
Households are reportedly reducing discretionary restaurant spending.
Yet food and beverage businesses account for nearly half of retailers planning to open new physical locations.
This suggests that retailers believe there are still opportunities to attract customers through differentiated products and experiences.
Coffee shops, specialty drinks and premium desserts may benefit from consumers seeking smaller indulgences instead of more expensive leisure activities.
However, this interpretation is a possible commercial explanation rather than a verified measure of every shopper’s behavior.
The key issue is whether planned store openings translate into sustainable sales.
BIGGER FLAGSHIP STORES ARE ALSO PART OF THE STRATEGY
Retail developers are not only adding recreational facilities.
They are also working with brands that want larger or more distinctive store formats.
Colliers cited National Book Store’s shift toward fewer but larger outlets.
It also noted major retail footprints by Foot Locker and Uniqlo at Glorietta.
Larger flagship stores may offer a wider product selection, enhanced displays and experiences unavailable in smaller locations.
For malls, such tenants can help create distinctive destinations.
However, large formats also involve more floor space and potentially higher operating costs.
Their financial success depends on sufficient demand and efficient inventory management.
MALL VACANCY IS EXPECTED TO DECLINE
Colliers projects that Metro Manila retail vacancy could fall to approximately 8.5% by the first half of 2027.
A declining vacancy rate indicates that a smaller share of available retail space is unoccupied.
Earlier Colliers research showed Metro Manila retail vacancy falling to 10.8% in the first quarter of 2026.
The improvement reflects leasing demand alongside relatively restrained new mall supply.
However, the projected 8.5% figure is not a measured vacancy rate for October 2026.
It is a forecast that depends on future leasing activity, completions and market conditions.
A lower vacancy rate also does not necessarily mean all tenants are earning higher profits.
NEW MALL SUPPLY REMAINS BELOW PREPANDEMIC LEVELS
Colliers has warned that retail construction activity is unlikely to return immediately to its earlier pace.
Its research projects average annual new retail completions of approximately 113,000 square meters from 2026 to 2028.
That compares with approximately 332,000 square meters annually between 2017 and 2019.
The difference suggests that developers are placing greater emphasis on upgrading existing properties.
Limited new supply can help support occupancy in established malls.
But it can also reflect caution about large investments in a challenging market.
The broader development strategy is increasingly focused on making each property more competitive rather than expanding floor area at the fastest possible rate.
HIGHER FUEL PRICES AFFECT MALL VISITS
Transportation costs are another challenge facing the retail industry.
In June 2026, Manila Bulletin reported Colliers survey findings showing that approximately 60% of respondents had limited mall trips because of higher oil prices.
The survey suggests that transport expenses can influence discretionary consumer behavior.
A family facing higher commuting costs may decide to visit shopping centers less frequently or combine several errands into one trip.
This makes location and accessibility increasingly important.
Malls located near major residential communities or transport links may have advantages.
However, the survey findings describe the respondents’ reported behavior and should not be treated as a statistically verified measure of every Filipino household.
WHY EXPERIENTIAL RETAIL MATTERS
Experiential retail refers to shopping destinations that offer activities beyond purchasing products.
Examples include fitness facilities, sports events, entertainment venues, interactive stores and community spaces.
These attractions can encourage customers to spend more time inside malls.
Longer visits may provide additional opportunities for food purchases, shopping and other commercial activities.
But the relationship is not automatic.
A visitor may play pickleball without making any additional purchases.
A popular event may generate strong attendance while producing limited revenue for nearby tenants.
Developers therefore need to evaluate both visitor numbers and financial outcomes.
ONLINE SHOPPING REMAINS A MAJOR COMPETITOR
Physical malls face continuing competition from digital marketplaces.
Online platforms allow customers to compare products and place orders without traveling to a shopping center.
This convenience can reduce the need for certain routine shopping trips.
Mall operators are responding by offering experiences that are difficult to replicate online.
Sports, restaurants, live events and social gatherings provide reasons to visit in person.
At the same time, retailers are adopting combinations of online and offline selling.
Colliers has identified omnichannel commerce as an important development in the Philippine retail industry.
The future may therefore involve greater integration between digital platforms and physical stores rather than a complete replacement of one by the other.
WHAT OTHER NEWS OUTLETS AND INDUSTRY SOURCES CONFIRM
InsiderPH reported the ₱184-billion pipeline and 46 projects on October 27, citing Colliers Philippines’ quarterly industry briefing.
Colliers’ own retail market reports independently establish the longer-running trend toward mall redevelopment and experiential retail.
Context.ph reported on October 6 that developers were prioritizing upgrades, premium tenant mixes and lifestyle concepts instead of aggressive new construction.
Manila Bulletin documented the effect of transportation costs on mall visits and the growing importance of recreation and wellness facilities.
ABS-CBN News examined SM’s pickleball strategy in June.
SM Prime’s official October announcement confirms its ₱1-billion multisport investment and 108 pickleball courts.
Colliers’ separate research also identifies major expansion plans by SM, Ayala Land and Megaworld.
Together, these sources support the reported change in retail strategy.
However, the exact ₱184-billion combined pipeline and its 46-project breakdown are attributed to Colliers’ October briefing as reported by InsiderPH.
The reviewed materials do not provide an independently audited, consolidated schedule of all 46 projects.
WHAT THE ₱184-BILLION PIPELINE MEANS FOR INVESTORS
For shareholders of the country’s major property companies, the investment plans signal continued confidence in physical retail.
New developments and redevelopments may generate construction activity, attract tenants and expand rental income.
But property investments involve significant costs.
Developers must evaluate financing, construction schedules, rental demand and operating expenses.
A shopping center may attract visitors without immediately generating satisfactory financial returns.
Large redevelopment projects can also temporarily disrupt operations.
Investors should therefore examine each company’s actual capital expenditure, financial performance and development schedule.
The ₱184-billion headline figure alone does not establish future earnings or share-price appreciation.
THE BIGGER QUESTION: CAN PICKLEBALL AND LIFESTYLE EXPERIENCES SAVE THE MALL?
Philippine shopping centers are undergoing a major transformation.
The country’s leading developers are preparing billions of pesos in investments despite cautious consumer spending.
Rather than relying exclusively on traditional retailers, malls are increasingly introducing sports, wellness, dining and entertainment experiences.
Pickleball has become one of the most visible examples.
For developers, the strategy offers a way to attract visitors and make existing properties more productive.
For consumers, it provides additional spaces to exercise, socialize and spend time with friends and family.
But commercial success will require more than attractive facilities.
Mall operators must balance affordability, tenant profitability and operating costs while responding to changing consumer preferences.
The true test will be whether experiential attractions translate into sustainable leasing demand, profitable retail operations and long-term returns on investment.
And with SM Prime, Ayala Land, Megaworld and Robinsons Land preparing a combined ₱184 billion in mall projects, one question remains:
Will pickleball courts, premium stores and lifestyle destinations keep Filipino shoppers coming back—or will rising living costs and digital competition force the country’s biggest mall developers to rethink their billion-peso bets?
