Manila Malls May Become E-Commerce Storage Amid Retail Slump
August 13, 2020
Source: Bloomberg
Property developers in the Philippines are considering novel alternative uses for shopping malls as people stay home and prefer to buy things online.
SM Prime Holdings Inc., the nation’s biggest landlord, is leasing out some of its parking lots for longer-term car storage, while a unit of Ayala Land Inc. plans to convert areas in its shopping centers to e-commerce backend facilities and medical clinics.
Southeast Asia’s worst coronavirus outbreak has made Filipinos fearful of going about their daily business and they’re seeking to avoid high-traffic spots. That’s putting extra pressure on retail landlords already weathering slump in demand and a recession.