SM City Tianjin open door
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SM Prime Holdings says it has opened its giant new SM City Tianjin shopping centre.
But some property industry sources are expressing concerns that the second-tier Chinese city is already over-malled and wondering how the centre will fare.
“The Philippines biggest retail developer must be hoping that Christmas is catching on in Tianjin,” observed property industry website Mingtandi, described Tianjin as “famously oversupplied”.
The 565,000 sqm property is SM Prime’s seventh mall in China. More are on the drawing board as the Philippine company tries to expand its offshore interests.
“The opening of SM City Tianjin reflects our strong confidence on China’s economy,” said SM Prime president Jeffrey Lim in a statement announcing the soft opening.
“This gives SM Prime a wider perspective on China’s shopping culture, allowing us to capture bigger opportunities as an international integrated property developer.”
SM Prime has malls in Xiamen, Jinjiang, Chengdu, Suzhou, Chongqing and Zibo and 60 malls in the Philippines, boasting a combined gross floor area of 9.1 million sqm both in the two countries.
Questions & Answers
Q.What is the total size of the new SM City Tianjin shopping centre?
What is the total size of the new SM City Tianjin shopping centre?
The new SM City Tianjin shopping centre measures 565,000 square metres. It is SM Prime’s seventh mall to open in China.
Q.Why are some property industry sources concerned about the new mall's success?
Why are some property industry sources concerned about the new mall's success?
Some property industry sources are concerned because they believe Tianjin is already 'over-malled'. They are wondering how the new centre will perform in this saturated market.
Q.What other malls does SM Prime operate in China?
What other malls does SM Prime operate in China?
SM Prime operates malls in Xiamen, Jinjiang, Chengdu, Suzhou, Chongqing, and Zibo. The company has a total of seven malls in China, including the new Tianjin centre.
Q.What is the total gross floor area of all SM Prime's malls?
What is the total gross floor area of all SM Prime's malls?
SM Prime's 60 malls in the Philippines and their malls in China have a combined gross floor area of 9.1 million square metres. This includes the newly opened SM City Tianjin.
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