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SM Retail to open 30 new stores this year

05/02/2012 [ tribune.net.ph ]

SM Retail, the Sy Group’s food and non-food retailing arm, is set to open 30 more stores under supermarket and hypermarket in 2012.

SM Retail EVP Robert Kwee said the group will have 30 more stores in 2012, of which mostly are Savemore stores.

“Mostly are Savemore because it can easier go to small places,” he noted.

Kwee also said they will also open three Hypermarkets to be located in Monumento, Cainta and Laoag.

Meanwhile, SM Retail is also expanding outside of Metro Manila to have its third store in Cebu by the second half of 2012.

In the first quarter of 2012, SM Retail posted a net income of P1.1 billion, 20 percent increase compared to 2010.

Total sales for the group increased by 10 percent to P34.4 billion on the back of sustained expansion, particularly through SaveMore, which opened five new branches in the first quarter compared with three during the same period in 2011.

SM Retail opened eight new stores in the first three months, bringing the total number of stores to 176.

These consist of 42 department stores, 33 supermarkets, 69 SaveMore branches, and 32 hypermarkets.

Danessa O. Rivera
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