SM invests in growth through expansion to reach more communities
What: SM is increasing its focus in provincial areas where local economies are growing faster.
Why it is important: SM is optimistic and reaching more communities as they invest in the future growth of the Philippines and see tremendous potential.
Over 80% of SM’s new retail stores are in provincial areas where local economies are growing faster and a good chunk of growing overseas remittances flow into. SM Retail currently operates over 3,300 department stores, groceries, and specialty retail stores.
SM Prime Holdings Inc. also opened four malls in 2022, further expanding into the provinces. SM Prime has 58 malls in the provincial areas and 24 malls in Metro Manila.
SM Development Corporation is also set to grow and expand in the provinces which should help narrow the housing gap. Additionally, SM also continues to invest in the tourism potential of the Philippines through its hotels and convention centers.