By The Freeman, Philstar
Retailers and mall operators are urged to ramp up strategies to take advantage of the holiday spending nearing Christmas season.
Colliers Philippines market study revealed that while Filipinos have returned to brick-and-mortar shopping, retailers should also consider the segment of Filipino shoppers that continue to buy online.
“Redesigning of physical mall spaces should be complemented by improvement of retailers’ online shopping platforms,” said Colliers Philippines director for research, Joey Roi Bondoc.
“We see a continued reconfiguration of physical mall spaces and we see this trend even after holiday-induced spending in fourth quarter 2023,” he said.
While a strong retail growth trajectory is seen towards the fourth quarter, Colliers also warned retailers to prepare and draw strategies on sustaining the active shopping market.
“The challenge for mall operators and retailers is how to sustain footfall especially now that the impact of revenge spending is starting to dissipate,” Bondoc added.
Colliers suggested that shopping malls and retailers should amplify holiday marketing initiatives, as holiday bonuses and additional remittances from Filipinos working abroad are likely to boost Filipinos’ purchasing power towards the fourth quarter 2023.
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