The Philippine Star
Federal Land on track to open Phl’s first Mitsukoshi Mall
Federal Land Inc., the real estate developer of Ty-led GT Capital Holdings Inc., is on track to open the Philippines’ first Mitsukoshi Mall in 2021. In a recent interview with
The STAR, Federal Land president Pascual Garcia III said development is ongoing and would soon pave the way for the turnover of the retail spaces to the different tenants.
Tenants include Japanese giants in clothing and apparel, beauty and cosmetics as well as other unique retail concepts.
The mall will have a wide range of merchant selection ranging from designer labels to famous Japanese brands as well as other brands. There will also be both luxury cosmetic brands and also affordable Japanese cosmetic products.
There will also be a Japanese supermarket and a portfolio of culinary options offering Japanese food, Garcia said.
“This will be the first in the Philippines,” Garcia said.
The iconic Japanese mall brand is part of a Japaneseinspired mixed use project to rise in Federal Land’s 10-hectare Grand Central Park Development in Fort Bonifacio Global City.
“It will be worth the wait,” Garcia said.
Federal Land partnered with two Japanese giants Nomura Real Estate Development Co., a leading residential company established in 1957 and Isetan Mitsukoshi Holdings Ltd., a top retail service group in Japan for the sprawling development.
Mitsukoshi will anchor The Seasons Residences, an upscale Japanese-inspired condominium offering one to three bedroom units.
Mitsukoshi was founded in 1673 while Isetan was founded in 1886 before they merged in 2008.
The project would be the first in the Philippines to realize a “Japan Concept” which at the same time would be affordable and would fit the taste of Filipino consumers.
Nomura and Isetan are entering the Philippines for the first time.
The Philippines is Isetan Mitsukoshi’s fourth overseas business in Southeast Asia and the retail brand’s 56th outlet in the world.
At present, the giant department store chain Isetan Mitsukoshi has overseas stores in Singapore, Thailand, Malaysia, Taiwan, China, Italy and the US.
GT Capital has led the way in establishing partnerships that brings Japanese technology, designs and the knowhow to the Philippines.
GT Capital, founded by the late tycoon George SK Ty, has business in banking through Metrobank, property development through Federal Land, infrastructure and utilities through Metro Pacific Investment Corp., automotive assembly through Toyota Philippines.