(11 December 2008. Pasay City, Philippines.) SM Prime Holdings, Inc. (SM Prime) announces the soft opening of The Annex at SM North Edsa on Friday, 12 December 2008. The new annex will add 90,000 square meters (sqm) of gross floor area (GFA) to the main mall, which is located at the corner of EDSA and North Avenue in Quezon City. With The Annex, SM City North Edsa’s GFA expands to 425,000 sqm, making it the country’s largest shopping mall, surpassing the SM Mall of Asia in Pasay City which has a GFA of 407,000 sqm.
In terms of global ranking, SM City North Edsa now becomes the third largest shopping complex, but still joined by SM Mall of Asia, SM Megamall, and SM City Cebu which rank fourth, seventh, and eleventh, respectively. All these malls have occupancy rates of over 95%.
SM Prime President Mr. Hans Sy said, “Our expansion of SM North EDSA is reminiscent of its ambitious beginnings. Back in 1985, it was the largest and the only mall of its kind with a GFA of 120,000 sqm. It was launched at a very challenging period in the country’s political history. This year, amidst serious global challenges, we open The Annex at the SM North EDSA. This speaks of how we view the longer-term prospects of the country. Add to this is our desire and ability to provide the needs of our millions of customers who grow in sophistication, while constantly looking for value products and services.”
The Annex at SM North Edsa consists of six floors and a basement area, 70% of which has already been awarded to various tenants. Its major tenants include Savemore Supermarket, Ace Hardware and an SM Cyberzone. Other mall tenants include fashion retailer Charles & Keith; watch and jewelry shop Chronos; infant store Baby & Company; and electronic shops Power Mac Center, Sony VAIO, HTC, and Belkin, among many others. SM North Edsa is the only mall of SM Prime where the three food retail formats, Savemore Supermarket in The Annex, SM Supermarket in the Main Building and the SM Hypermarket in The Block, are all located in one complex.
It is estimated that the opening of The Annex at SM North Edsa will provide employment to close to 3,000 people which includes direct and indirect employees.
In 2009, SM North EDSA also looks forward to opening the Skygarden, which offers another exciting and environmental element to the Mall complex. Earlier, SM Prime launched SM City Marikina, the SM Megamall Bridgeway and SM City Rosales. The Company is also set to open SM City Baliwag in December 12.
**SM Prime Holdings Press Release
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