What: SM Megamall, one of the Philippines' largest shopping centers, undergoes P7 billion transformation incorporating sustainable design, additional retail space, and enhanced mobility features under UK firm Benoy's architectural guidance.

Why it is important: The transformation showcases the evolution of Asian shopping centers, where sustainability, expanded amenities, and architectural innovation are becoming essential elements in maintaining market leadership.

SM Prime Holdings has announced a P7 billion (US$123.5 million) phased redevelopment of its SM Megamall, scheduled for completion between 2027 and 2029. The project, designed by UK-based architectural firm Benoy, will feature a nature-inspired 'Crystal Islands' concept emphasizing open flow and organic forms. The renovation includes comprehensive sustainability measures such as rainwater harvesting systems, sensor-activated escalators, and solar panel installations, aimed at reducing overall energy consumption. The development will add 20,000 square meters of gross leasable area and new parking facilities, while enhancing mobility features and upgrading common spaces with themed retail zones. According to SM Supermalls president Steven Tan, SM Megamall maintains its position as the company's top-performing mall in sales per square metre, with significant growth potential from this transformation and the upcoming Mall of Asia expansion.

IADS Notes:

SM Prime's P7 billion redevelopment of SM Megamall reflects broader trends in Asian retail property transformation. According to Retail News Asia in May 2025, the company's ambitious $9 billion expansion plan demonstrated its commitment to innovative retail development . The sustainability focus aligns with industry leadership shown by other Asian retailers, as The Nation reported in September 2024 when Thai retail giants committed to comprehensive green initiatives . Inside Retail's April 2025 coverage of Singapore's City Square Mall's $50 million transformation showed how sustainability features could be successfully integrated with customer experience enhancements . The 'Crystal Islands' design concept parallels broader industry evolution, as Inside Retail reported in June 2025 how Thai malls were reimagining spaces as cultural destinations . This long-term investment strategy builds on SM's broader expansion plans, with Inside Retail reporting in December 2024 their target to reach 100 malls by 2027 , demonstrating the company's confidence in physical retail's future despite changing market dynamics.

SM Prime to invest US$124m in the sustainable upgrade of SM Megamall