SM Prime to spend P100-M to boost e-commerce platform

Sy-led SM Prime Holdings Inc. (SMPH) is spending some P100 million to boost its online presence through the upgrade of its e-commerce platform.

According to SMPH President Jeffrey Lim, the company is banking on the growth of the online market given the lockdown restrictions due to the coronavirus disease pandemic.

"We acknowledge the growing popularity of e-commerce especially during this pandemic, and SM Prime is allocating up to P100 million to accelerate our online presence with our e-commerce platform," he said during the company's virtual annual stockholders' meeting on Monday.

Lim said the company will start with its "Click and Collect" platform where tenants may be able to sell their products to customers online.

"Moving forward, we see e-commerce as a strategy to complement our malls business and connect our retail tenants to our customers," he said.

In the same meeting, SMPH Chairman Henry Sy Jr. said the company will maintain its earlier announced P80-billion capital expenditure for 2020.

"Today we are more prepared, responsive, and resilient because we have people who continuously strategize for business growth," he said.

"As we face the new norm as we will provide facilities such as stronger wifi and safer malling areas, this will be suitable for the safety of our shareholders and this will improve our business for the years to come," added Sy.

SMPH currently has four business segments -- malls, residential, commercial, and hotels and convention centers.

Among its subsidiaries are SM Development Corp., Costa del Hamilo Inc., Highlands Prime Inc., Tagaytay Resort Development Corp., SM Arena Complex Corp., SM Hotels and Conventions Corp., and SM Land (China) Limited. — DVM, GMA News