MALL OPERATORS should brace for more foreign and local retailers as consumer confidence and foot traffic pick up this year.
Major mall developers have been reporting that consumer traffic has now reached between 85%-95% of pre-COVID levels in the third quarter of 2022 from only 40% a year ago.
We also encourage mall operators and retailers to continue implementing regular sanitation and other health and safety protocols, especially in high-density retail spaces. From 2024 to 2026, Colliers sees the completion of 62,000 sq.m. of new retail space annually, only aColliers believes that online shopping will remain popular as Filipinos continue to put a premium on convenience. In our view, this will likely complement brick-and-mortar shopping which we see receiving a boost from the dropping of mask mandates.
The DoT also reported that visitor arrivals from February to September 2022 generated P100.7 billion in visitor spending, higher than the P4.94 billion a year ago. Colliers sees average daily rates rising by about 15% in 2022 after recording a cumulative drop of 20% in 2020 and 2021. ADRs are likely to continue to improve in 2023 following the projected rise in local and foreign tourists.rm or increased versus the previous half. Colliers attributes this to continued revenge travel across the country.
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