By Inside Retail Asia
Philippine conglomerate SM Investments Corporation believes the country’s retail industry still has ample room for growth, driven by sustained economic development and consistent consumer interest.
Frederic DyBuncio, president of and CEO of SM Investments, shared that even during the height of the Asian crisis, household consumption in the Philippines has been resilient, driving sustained economic development.
“We are positive about our retail business, and we continue to be mindful of our customer’s needs as we offer choices that can match the size of their wallets,” DyBuncio said.
According to the company, discretionary spending in key categories, such as fashion, food and beverage, and entertainment, is driving consumption.
At the same time, substantial remittances from OFWs (overseas foreign workers) support the country’s spending. BPO (business process outsourcing) expansion and an increase in employment is providing additional spending power to the younger population.
SM said it is expanding aggressively in provincial areas, pursuing opportunities for establishing retail formants in an underpenetrated market. More than 80% of the company’s new stores are outside Metro Manila, with mall expansion geared towards provinces.
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