4 RETAIL NEWS CAPSULE PHILIPPINE RETAILING
Japan ' s Mitsukoshi sheds high-end frills with new Manila mall
Mitsukoshi , Japan ' s high-end department store chain , has rebranded itself in the Philippines as a mass-market shopping mall in an attempt to find a business model that works in Southeast Asia .
Parent company Isetan Mitsukoshi Holdings held a ceremony on November 17 unveiling an iconic Mitsukoshi Lion statue in front of Mitsukoshi BGC , a new flagship shopping center in Manila . The location , the first for the company in the Philippines , opened Friday .
This is the first time in nine years that Isetan Mitsukoshi has opened a store in a member country of the Association of Southeast Asian Nations . What was once a footprint of 11 locations in ASEAN has shrunk to seven . Most recently , the company shut a store in Malaysia in April .
In recent years , the rise of online shopping has made the upscale department store model increasingly obsolete . This has pushed Isetan Mitsukoshi to depart from the old ways and adopt the shopping mall format .
Mitsukoshi BGC takes its name from Bonifacio Global City , a new business district in Metro Manila where it is located . The mall is part of a large , mixed-used development being built with Japan ' s
City of Firsts welcomes rebranding of SM Cubao to SM Araneta City
SM Cubao — one of the first branches of retail giant SM in the metro — is now officially known as SM Araneta City .
The historic City of Firsts welcomes the change in the name of the iconic mall , which serves as a fitting follow-up to the rebranding of Araneta Center to Araneta City in September 2019 .
Nomura Real Estate Development and local property developer Federal Land .
" We are pleased to be able to open our doors for this Christmas season and showcase a selection of Japanese local and global products to the Filipino market ," Alfred Ty , the chair of Federal Land , said .
Mitsukoshi BGC is slated to begin full-fledged operations next spring . Isetan Mitsukoshi specializes in full-service department stores that offers a lineup of high-end products . At a typical Mitsukoshi department store , most of the operations are managed directly by the company .
But at Mitsukoshi BGC , 90 % of the site is occupied by tenants , making the location a veritable shopping mall with an emphasis on fresh food . Shoppers can choose from a selection of meats or eat from salad bars . There will be about 100 baked items available . Mitsukoshi BGC will sell imported private-branded grocery products normally sold at the Queen ' s Isetan supermarket chain in Japan .
Nikkei Asia , 11 / 20 / 22
Commercial establishments in Araneta Center , including SM Cubao , underwent a series of changes and modernization since the ’ 90s following the rising retail and property development competition in the metro . To mark the rich pioneering history shared by SM Cubao and Ali Mall , a bridgeway was constructed to connect the two iconic malls .
“ We are happy that SM , itself an institution in Philippine retail , is part of the memorable and colorful history that shaped Araneta City . They are one of our very first partners in business , and they have been a valuable part of our identity through the years ,” Antonio Mardo , Senior Vice President for Operations of Araneta City , said .
It was in 1980 when SM — known back then as Shoemart department store — opened its third branch in the then Araneta Center . SM Cubao opened four years after nearby Ali Mall was inaugurated in 1976 , and was the Center ’ s second land lease establishment ( after Rustan ’ s Superstore in 1975 ). It has since become one of the original prominent shopping destinations in Quezon City .
“ With SM Cubao ’ s rebranding to SM Araneta City , the transformation of Araneta from a pioneering commercial center to a modern mixed-use development takes on new heights . We look forward to completing our transformation and achieving our redevelopment plans with all our business partners in the near future ,” Mardo said .
The mall rebranding comes as Araneta City fulfills its redevelopment plan to revamp and modernize the metro ’ s pioneer commercial district . Following the renovations of existing properties , the City of Firsts is preparing to open soon the expansive Gateway Mall 2 and the country ’ s firsts ibis Styles hotel , and will commence construction of more developments .
Business Mirror , 10 / 14 / 22