Cathay Land, Inc. and London-based Freeport Retail are set to open the first Outlet mall in the Philippines on August 2.
Some PHP2.5 billion was invested for the construction of Outlet mall in Tagaytay City which sits along Km.48 Aguinaldo Highway, Silang, Cavite.
Cathay Land President Jeffrey Ng said the Cavite-Laguna Expressway would make the Acienda Designer Outlet mall accessible from Metro Manila as it would be only 30 minutes away from the Ninoy Aquino International Airport and the Entertainment City.
Outlet mall’s target market is Tagaytay’s 16.5 million locals and tourists with above-average income level and high level of fashion consciousness.
“With Tagaytay City being a popular tourist destination among locals and tourists, we are confident that they will all enjoy our promise of high quality Outlet shopping at par with what they experience abroad,” said Ng.
He added that the company is bullish in its first Outlet mall here with the country’s strong retail industry driven by rising income, remittances, and tourist arrivals.
With this, Cathay Land and Freeport Retail are out to find strategic locations for their second Outlet mall in the Philippines set for launching within three years.
“In 2012 we started our focus on Asia, which is a major Outlet opportunity. Our Outlet village in Malaysia opened at the end of 2015,” Freeport Retail Co-Founder and Commercial Director Chris Milliken said, adding that Kuala Lumpur now has three Outlet malls.
An Outlet mall in Australia also opens on the same date with the launching of Acienda Designer Outlet mall in Tagaytay.