SM Retail, Inc. looks to grow the number of stores under its portfolio to 3,000 within the next five years, banking on the increased spending power of Filipinos alongside the growing economy.
SM Retail Director Jorge T. Mendiola said the group is currently in the mode for expansion, saying they are open to adding more brands under its network when the opportunity comes up.
“Hopefully soon, probably in the next five years or so. We’re in that mode right now for expansion,” Mr. Mendiola told reporters when asked when they target to hit the 3,000 mark.
The retail unit of country’s richest man Henry Sy, Sr. ended the first half of the year with 2,149 stores, consisting of 61 The SM Stores, 1,304 specialty stores, 55 SM Supermarkets, 49 SM Hypermarkets, 190 Savemore stores, 49 WalterMart stores, and 441 Alfamart stores.
SM Retail’s net income went up 10% to P5.7 billion in the first six months of 2018, buoyed by the 10% increase in total sales to P145 billion. Revenues from specialty retail stores alone rose by 17% to P37.3 billion. The company attributed to increase to the expansion of new formats such as Miniso, which ended the first semester with 55 stores. — Arra B. Francia