CEBU, Philippines - Even with the upsurge on foot traffic and high percentage of tenant renewal, Parkmall intends to strengthen its “mall within a park” concept and grow further with such branding.
Neal Carlson Co, general manager of Golden Great Value Properties Inc. which operates the mall, said that Parkmall has answered the need for Cebuanos to have an alternative shopping destination.
He said that the unique ambience where one can relax and shop at the same time sets the green mall apart from congested shopping districts.
“Spaces for parks have greatly reduced and we want to bring back the open spaces as well as good relationships. Our lifestyle concept, “mall within a park” which is the trend now is geared towards long-term sustainability,” he continued.
In line with its thrust to be both commercial and hospitality entity, he added that the company has invested heavily for the mall’s landscaping and allocated greater space for leisure areas.
Sitting on a six-hectare property, Parkmall has allotted 30,000 square meters for leasable spaces and 60% of the lot for common areas, landscaping, and parksetting.
Co said that the mall has experienced over 500% growth this year in terms of foot traffic from the time it opened in mid-2008.
With less than 10 tenants when it started, Co reported that Parkmall now houses 254 establishments with a 99% occupancy rate.
Co said that the company aims to create additional spaces with the demand for more kiosks but assures that they will stick with the concept of an eco-friendly mall.
“We make sure we don’t sacrifice who we are. Our original intention is to be “the” park where people can come to relax and unwind and we want to continue this type of atmosphere. Once we achieved that goal, expansion is coming,” he stated.
With an initial investment of around P400 million, Parkmall Operations Manager Yael Sacris-Torrejos said that the company’s return of investment is on track and they are bullish to hit the target in the coming years.
Its first tenant, Save More, posted a higher performance than other Save More branches in the city, and was reported to be one of the top five selling branches nationwide.
With its indoor bazaar, Sacris-Torrejos noted that Parkmall also serves as an incubation for new enterprises, start-ups and establishments that are not mall-based.
Based on the studies and surveys conducted by the company, the mall has earned the loyalty of its clients as 70% of its customers were found out to come 4 times a month and 10 to 20% of which visit the mall daily.
Serving a market mix from Mandaue City and the entire Cebu province, the mall primarily caters to the leisure and shopping needs of the working group, mobile families, employees from private business and entrepreneurs.
Parkmall celebrates its fourth anniversary this month with a series of activities to re-emphasize itself as a mall within the park. (FREEMAN)