SY-LED SM Markets said it targets to open 10-15 new stores outside Metro Manila this year to expand into underserved areas and provide more product options to local communities.
Once the expansion is complete, SM Markets will have over 350 stores nationwide this year, with more than 70% outside the National Capital Region, SM Investments Corp. (SMIC) said in a statement on Tuesday.
SM Markets is the umbrella brand for SM Supermarket, SM Hypermarket, and Savemore Market.
For the first half, SM Markets aims to open a total of seven stores, with upcoming store launches in Mati, Davao Oriental; Marilao, Bulacan; and Naujan, Mindoro.
It previously opened Savemore Siniloan, Laguna; Savemore Pantukan, Davao de Oro; Savemore Hotel Supreme, Baguio; and SM Supermarket, Caloocan.
“This regional expansion is aligned with SM Markets’ commitment to reach more customers by bringing quality, affordable products, and exceptional service closer to more Filipino homes,” SMIC said.
“The new grocery stores will introduce more options for local communities and at the same time, support homegrown micro, small, and medium enterprises by providing opportunities to showcase their products on the shelves and weekend markets,” it added.
In 2023, SM Markets opened 12 stores in various areas such as Iloilo, Bataan, Leyte, and General Santos.
Among the new additions were two SM Cherry branches in Aklan and Rizal.
To date, SM Markets has 66 SM Supermarkets, 54 SM Hypermarkets, and 223 Savemore Markets.
“Service is at the heart of everything we do. As we grow, we see an opportunity to enhance lives by providing quality food and excellent service across the nation. From fresh produce to pantry staples and discoveries, we aim to ensure families have access to their daily essentials,” SM Supermarket President Jojo R. Tagbo said.
SM Supermarket offers diverse food items in SM malls. SM Hypermarket combines a supermarket and a department store. Savemore Market provides grocery essentials and is accessible to communities nationwide.
The SM Group’s retail operations consist of grocery stores, department stores, and specialty retail stores.
For the first quarter, SMIC recorded a 6% increase in its consolidated net income to P18.4 billion as consolidated revenue climbed by 4% to P144 billion led by its banking business.
SMIC stocks dropped by 1.49% or P13 to P862 apiece on Tuesday. — Revin Mikhael D. Ochave
