SM Retail Group Expands to 98 stores in 2008

(15 December 2008. Pasay City, Philippines.) Philippine conglomerate SM Investments Corporation (SM) reported that with the opening of a new SM Supermarket branch in Cubao, Quezon City yesterday, 14 December 2008, its retail network has expanded by 12.6% to a total of 98 stores, composed of 33 SM department stores, 24 SM supermarkets, 13 SaveMore branches, 13 SM hypermarkets, and 15 Makro outlets.

For full-year 2008, SM opened 11 new stores consisting of two SM department stores, two SM supermarkets, two SM hypermarkets, and five SaveMore branches. SaveMore branches are typically stand-alone stores located outside SM shopping malls mainly targeting high-density residential areas. Late last year, SM also increased its stake to own controlling interest in wholesaler Pilipinas Makro, Inc. which has 15 Makro stores in Metro Manila.

The new SM stores in 2008 increased the selling space of department stores by 5% to 518,236 square meters (sqm) and of the food retail group by 42% to 287,516 sqm. SM president Mr. Harley Sy said, “SM retail will continue to increase its presence nationwide. This reiterates SM’s sustained commitment to the Philippine economy and its potential to deliver long-term growth and expansion amid short-term challenges posed by the global crisis.”

Source: SM Investments Press Release