What: The first half of 2022 saw strong retail performance demonstrating shopping behaviour and resilience of Filipino consumers despite economic headwinds.
Why it is important: SM malls’ foot traffic increased by more than 100% over pre-pandemic levels demonstrating the strength and culture of mall shopping.
SM retail’s net income grew by 91% in addition to an overall retail revenue rise of 18%. The Filipino consumer remains interested in value-shopping, which was magnified by the pandemic, yet shopping malls have gained further standing as go-to community spaces.
Delivery and technological service demands are also increasing post-pandemic, and SM works continually to adapt and meet customer needs.