FAST FACTS: Richest, biggest, most valuable and SM Megamall

MANILA, Philippines – The January 26 shooting incident in SM Megamall, a huge shopping mall located in Ortigas business district in Metro Manila, brought to light one of the world’s largest commercial destinations.

It’s a mall that is described with superlatives, and is part of an industry that directly fuels the growth of the Philippine economy.

Check some fast facts below:

1. Biggest

The 346,789 square-meter mall is currently the 3rd largest shopping mall in the Philippines, behind “sister” malls SM North Edsa (424,691 sqm as of 2011) and SM Mall of Asia (MOA, 406,961 sqm).

The 3 are among the world’s 15 largest, behind a couple of malls in Asia.

When Megamall’s ongoing expansion is completed this 2013, the additional estimated 100,000 square meters to its floor area will make it the country’s biggest mall.

Megamall sits on a land area of approximately 21 hectares, and currently has a maximum capacity of about 4 million people.

2. Game-changer

Megamall opened in 1991 and is widely known to have contributed to the malling phenomenon in the Philippines.

Aside from its fully air-conditioned multi-level buildings, it offers a mix of tenants catering to new generation of shoppers, themed floors, an ice skating rink, a bowling center, the Megatrade Hall, an in-house Chapel, and a satellite consular office to process passports, among others.

The integrated shopping, dining, and entertainment experience has been a formula that other mall developers in the Philippines have replicated to capture and contribute to overall consumer spending, a key leg to the phenomenal Philippine’s economic growth in recent quarters.

Revenues of malls, like SM’s, benefit from the almost US$20 billion total funds sent home by millions of Filipinos working and living abroad.

3. Richest

Developed and operated by the country’s largest mall operator, SM Prime Holdings, Megamall is one of the 46 in the aggregate 5.5 million square meter mall portfolio of parent SM Investments Corp (SMIC), both in the Philippines and China.

Holding firm SMIC has been publicly listed since 1994 and, since late 2012, has been in the running to be the Philippines’ most valuable company.

Behind SMIC is the group of Henry Sy Sr., the country’s richest, according to Forbes. – Rappler.com