Conglomerate SM Investments Corp. is accelerating the expansion of its retail business after completing the consolidation of all retail stores under SM Retail Inc.
SM Investments said in a filing with the Securities and Exchange Commission its retail group was set to open 2 SM stores, 7 Savemore stores, 6 Waltermart stores and 70 speciality stores in the second half.
Seven Savemore stores will open in Iloilo City, Caloocan City, Valenzuela, Laoag City, Bacolod City, Pangasinan and Nueva Ecija. The group had 147 Savemore stores across the country as of end-June.
SM Investments said it planned to open 10 to 15 Savemore stores annually over the next few years.
Savemore is the groups’ fast expanding mid-format supermarket that stands alone as a neighborhood store built to service impulse markets and smaller communities across the country.
SM Retail is also beefing up its hypermarket stores as a number of new big box megastores recently opened in Metro Manila. From the current 45 SM Hypermarkets, the conglomerate said it planned to open at least three new SM hypermarkets annually over the next few years, subject to market conditions.
Three SM Hypermarkets will open next year at SM Center Tugeugarao, Tagaytay and Paliparan in Dasmariñas, Cavite.
SM Investments obtained SEC approval to consolidate all its retail businesses under SM Retail Inc. in July. SM Retail was merged with other retail subsidiaries and affiliates such as Forsyth Equity Holdings Inc., HFS Corp., Morrison Corp., San Mateo Bros. Inc. and Tangiers Resources Corp.
SM Retail is the surviving corporation.
Prior to the merger, SM Retail had 553 stores and 1.8 million square meters of gross floor area. It was operating 53 SM department stores, 44 hypermarkets and 213 supermarkets. It had majority stakes in the local operations of Alfamart, Forever21, Crate & Barrel and other specialty and apparel retailers.
