Property developer Ortigas & Co. is shelling out Php6.3 billion to develop a new regional mall that will transform the Greenhills estate in San Juan City into the “ultimate shopping destination” in Metro Manila.
In a briefing, Ortigas President Jaime E. Ysmael assured that Greenhills will continue to host so-called privilege stores or tiangge to support local entrepreneurs even as the property embarks on a massive upgrade.
“We would like to sustain the Greenhills promise or the reality where we actually serve as an incubator for (micro, small and medium enterprises) in the form of the tiangge,” Ysmael said.
Some 2,000 privilege stores will find their place in the new mall alongside more than 150 global lifestyle brands, and 140 renowned restaurants and new food concepts, Ortigas Malls General Manager Renee C. Bacani said.
Greenhills will ensure that its tenants will comply with the applicable laws, including intellectual property rights, as stated in their lease contract. There have been instances of violations, Mr. Ysmael said, prompting the mall operator to slap them with penalties.
Retaining the tried and tested concepts that made Greenhills a household name will lead to an even broader customer base and increased foot traffic as Ortigas revitalizes the mall, Mr. Ysmael said.
“As we transition to a new mall, part of that will include a refresh of the current offering. It is also inevitable because things change and in three years, I’m sure there will be trends that will result in a change of merchandise mix,” Ysmael said.