Thursday, November 20, 2014
A known community shopping center, Waltermart has expressed an intent to expand at a rate comparable to SM’s malls.
SM stands as one of the country’s leading retailers, with an expansion rate of three to four malls per year. The SM Group, the malls’ parent company, owns 50 percent of Waltermart Group of Companies, following its purchase of the company’s shares in January 2013.
For its part, Waltermart plans to open two or three new malls and expand two existing branches in Luzon in 2015, according to managing director Wilson Q. Lim, Jr.
“For next year, we have two for expansion and two for new developments and we’re looking at one more so that the target for next year will be three. But we are also looking for more developments,” said Lim, who disclosed that investments for these new branches were under negotiation.
“Investment depends on the property size and the market becnause you have malls that are big and malls that are medium-sized,” said Lim.
For over 20 years, Waltermart has opened 23 community shopping centers under their brand. Spread out across Luzon, the shopping centers are located in Batangas, Bulacan, Cavite, Laguna, Nueva Ecija and Pampanga, apart from a couple of branches in Metro Manila. The community malls provide supermarkets and cinemas to their respective localities.
“We are happy with the partnership. There’s a lot of best practices that we’re picking up and we are sharing also,” said Lim of their partership with SM. “Of course, we remain focused on our community mall format.”