SM's retail network grows to a hundred

MANILA, Philippines - The SM Group opened another department store and a supermarket at its newly-inaugurated SM City Naga, bringing its nationwide retail network to 100 branches. The group's retail network is now composed of 34 department stores, 25 SM Supermarkets, 14 SaveMore branches, 13 SM hypermarkets, and 14 Makro outlets, SM Investments Corp. said in a statement. SM’s retail business is divided into two main segments, the non-food group, which is principally SM department stores, and the food-group, composed of SM supermarkets, SaveMore stores, SM hypermarkets, and Makro outlets. “SM retail’s sustained expansion nationwide fits well with the country’s consistently robust and dynamic consumer sector. Domestic consumer spending, supported to a large extent by remittances from overseas Filipinos, continues to grow," said Harley Sy, SM Investments president. On the second week of May, the Sy-led holding company will be opening another SM department store at the Annex of SM City Rosales. For the rest of the year, SM will open one more department store, one supermarket, eight SaveMore branches, and six hypermarkets. - GMANews.TV