Cebu is a well known tourist destination of the country. It had attracted almost 2 million of both domestic and foreign tourists from across the globe. Well known for its beaches, food, heritage and cultural celebration such as the world’s famous Sinulog Festival, no wonder Cebu is ranked as one of the best island of the world by Travel+Leisure magazine.
This island city’s stature never fails to catch the attention of foreign tourists like the Japanese, Chinese, Koreans, Russians, Americans and Europeans. These people did not just stay and visit Cebu but for some chose to retire and live here or do business.
But wait, the economic boom of Cebu which started in the 90′s continues to put Cebu in the business map. And with the effect of the triple whammy industry which Cebu is strong, BPO, Tourism and Manufacturing made it an economic powerhouse with exports at more than $2billion a year while tourism receipts accounted more than P/5 Billion yearly. The current status of Cebu as an emerged BPO center of the world attracted key BPO players and had slowly developed the KPO sector, directly employing more than 100,000 people and indirectly employing 200,000 others.
The advent of this triple whammy industry to Cebu made its real estate industry vigorous. The Real Estate industry grows to as much as 20% last year which is higher even than the growth of Metro Manila according to the PAREB. This is the reason where highrise structures, residential, office, hotel or mixed use continues to shape the fast changing skyline of Cebu. Real Estate value also skyrocketed by more than 20% since the year 2000.
By these developments and continued progress, Cebuano’s purchasing power grew by 100% estimate while enjoying a very good employment rate. Cebu also has a large concentration of middle class in the country party due to its higher entrepreneurship value.
Because of these obvious reasons, the Retail industry which is dominated by SM, Ayala, Robinsons and the homegrown Gaisano Stores decided to cash on the large opportunities ahead as Cebu’s economy will further contract in the next five years. Mall developers are rushing in with their developments of expansions and or new malls. Based on the Skyscraper City’s Cebu’s count there were more than 10 large malls to be opened starting 2011 up to 2013.
Notable to these mall developments are the SM Seaside City which is currently under construction at the South Road Properties and is projected to become SM’s flagship mall in Vismin and perhaps its most innovative and top of the class mall design ever. It will have more than 250,000 sqm of GFA.. slightly bigger than the SM City Cebu, but will have a circular design with a tower at the center. The mall is major development within the SM Seaside complex which will soon have hotels and residential condominiums. On the other hand, Ayala Center Cebu is currently developing its expansion to complete the circular design. The expansion is projected to add more or less 80,000 sqm of GFA and if finished by last quarter of 2012, Ayala Center Cebu is projected to become a lifestyle mall, housing the best local and international brands we normally see only in its Greenbelt Mall. The Ayala Center expansion and the malls renovation will showcase as one of the best Ayala mall in the country employing best practices in mall development. Robinsons, although quiet late in the scene but did not want to be left behind. Robinsons Maxilom, is currently under construction at its property in the North Reclamation Area about 1 kilometer away from SM City Cebu. It is probably the best mall of Robinsons in the country incorporating a green architecture likewise adapting to modern design which is shown through clean execution of geometrical shapes of the structure. The Robinsons Maxilom with an estimated GFA of 150,000 promised to be a pride to the more then 2 million Cebuanos. The Gaisano’s, not to be outdone is also planning to build a large mall in SRP near Talisay and some medium sized malls all over Metro Cebu and the province.
With SM, Ayala and Robinsons building its best malls in Cebu and bringing the best brands, facilities ,innovative and excellent designs perhaps we could safely say, that this is a manifestation of the developers respect towards Cebuanos talent, creativity and workmanship, being the undisputed Design and Creative Capital of the Philippines. Needles to say, Cebu had been well known in design of furniture, fashion, jewelries, fashion jewelries and so on. In addition, the Cebuano’s character of being partial to value and yet affordable products had been factored in the equation to conceptualize the design of these malls. Cebuano’s is partial to the best.
And with all of these malls set to open starting on the last quarter of 2012 and 2013, it is just fitting to claim that Cebu is now an emerging shopping mecca, not just of the Philippines but as well as of the Asia. By 2013, we will see an overflowing of tourists to come not just enjoy the usual attractions Cebu can offer but as well as shop.
