SM Prime Holdings, Inc. (PSE: SMPH) announced on Monday that it has soft opened its seventh mall in China, the SM City Tianjin on Saturday, Dec. 17. SM Prime President Jeffrey C. Lim said that the opening of SM City Tianjin reflected the confidence that the investment company has for China’s economy.
Here are three fast facts on SM Prime’s opening of SM City Tianjin in China.
1. SM Prime said that its continuous expansion in China is in line with the spending growth of consumers in China.
“This gives SM Prime a wider perspective on China’s shopping culture, allowing us to capture bigger opportunities as an international integrated property developer,” Lim said in a statement. Lim added that China has spending growth of up to US$ 650 billion (P32.47 trillion) to US$ 1.4 trillion (P70 trillion). It remained to be the largest consumer market in the world.
In a consumer research report, McKinsey & Company cited that Chinese consumers are more individualistic, more willing to pay for non-necessities and discretionary items. They are even more willing to pay for more expensive purchases.
2. SM City Tianjin soft opening also included the opening of anchor tenants inside the shopping mall.
These include the Dadi IFree Cinema, Bravo Yonghui Supermarket, Jiawen, FTZ Korea World, Decathlon, Acasia Food Court and Watsons. It also features a kid-friendly Exploreum, Wellness tenants, a skating rink. SM Tianjin has 8,110 parking slots for the shoppers.
3. The opening of the SM City Tianjin brought SM Prime a total of gross floor area (GFA) of 1.5 million square meters (sqm) in China alone.
SM Prime’s combined GFA is now 9.1 million sqm both in the Philippines and in China with SM Tianjin adding to its investments. SM already owns 60 malls in the Philippines and now seven malls in China.
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