The growth of Cebu’s retail industry this year has been mainly driven by spending from people in the business process management (BPM), tourism, and construction sectors, as well as the Philippine offshore gaming operators (POGOs), according to a retail group.
Robert Go, supermarket chain owner and a spokesperson of the Philippine Retailers Association in Cebu, said the rise in employment due to the arrivals of BPM firms and tourism resulted in increased shopping. He added that the expansion of BPM companies and the rise of POGOs have increased buying activity in malls.
The newly opened Ayala Malls Central Bloc in the IT Park, which targets BPM workers, is expected to fuel retail growth in the city as more shops are scheduled to open soon, Go said. The growth of Cebu’s construction industry also helps propel the retail business, with foreigners and returning overseas Filipinos purchasing properties and driving retail demand, he added.
A Colliers report noted that retail demand in Cebu will be sustained by the growth of its outsourcing sector, deployment of migrant workers, and the influx of domestic and foreign visitors.