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Colliers Quarterly | Property Market Report – Retail | Q1 2022 | Philippines

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More physical retail space is likely to be completed in 2022 as operators and retailers maximize the pick-up in discretionary spending and entry of foreign retailers. Differentiation and diversification will be crucial. Filipinos’ rising propensity to shop online and order food using delivery apps will likely challenge brick-and-mortar space absorption.

 

Colliers is closely looking at the return of malls as Filipinos’ de facto public spaces, especially now that consumer traffic is reverting to pre-Covid-19 levels and restaurants and activity centers are starting to welcome more guests. Aside from revenge shopping and dining, which we project to kick in starting Q2 2022, we see more opportunities in the market given mall operators' and retailers’ propensities to innovate amid a liberalized playing field. Consumer confidence abounds and this should a have a positive impact on mall space absorption and rents in 2022.

Colliers still sees food & beverage (F&B) retailers leading physical space take-up for the remainder of 2022. We project demand from non-F&B segments, such as clothing and sports apparel, will be picking up. From 2022 to 2025, Colliers projects the completion of new retail space in business districts such as Makati CBD, Fort Bonifacio, Bay Area, and Araneta Center. These areas are likely to cover 58% of the new supply.

More physical retail space is likely to be completed in 2022 as operators and retailers maximize the pick-up in discretionary spending and entry of foreign retailers Differentiation and diversification will be crucial. Filipinos’ rising propensity to shop online and order food using delivery apps will likely challenge brick-and-mortar space absorption.


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Colliers Quarterly | Property Market Report – Retail | Q1 2022 | Philippines

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