Philippine School Opening Gives Top Mall Operator Sales Lift
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Top Philippine mall operator SM Prime Holdings Inc.’s revenue from its malls in the country may exceed 16.1 billion pesos ($283 million) in the third quarter as school openings boost consumer spending in restaurants and shops, according to Steven Tan, president of the company’s unit SM Supermalls.
The third-quarter is so far “turning out better than the first quarter and there’s a good chance it will even be better than our second quarter,” Tan said. SM Prime booked 13 billion pesos and 16.1 billion pesos in rental revenue from its malls in the country in the first quarter and second quarter, respectively.