SM Expands To Serve More Communities

SM is optimistic about expanding to more communities in 2023.

Photo Insert: SM is focusing more on provinces with faster-growing economies. Over 80% of SM's new retail stores are in provinces where overseas remittances are growing.

"We are investing in the future growth of the Philippines as it continues to present tremendous potential," SM Investments Corporation President and Chief Executive Officer Frederic C. DyBuncio said.

SM is focusing more on provinces with faster-growing economies. Over 80% of SM's new retail stores are in provinces where overseas remittances are growing. Presently, SM Retail, the retail arm of SM Investments, operates over 3,300 department stores, groceries, and specialty stores.

SM Prime Holdings Inc., SM Investments' property development arm on the other hand, is also planning to expand into the provinces, especially Northern Luzon, Visayas, and Mindanao's progressive cities.

SM Prime opened four malls in 2022: SM City Roxas in Capiz Province, SM City Tanza in Cavite, SM City Sorsogon in the Bicol peninsula, which connects Luzon to the Visayas and Mindanao regions, and SM City Tuguegarao in Cagayan Province, its 82nd mall in the Philippines.

SM Prime currently has 58 provincial and 24 Metro Manila malls.

Meanwhile, SM Development Corporation (SMDC), SM Prime's residential arm, is expected to grow and expand in the provinces as employment improves, narrowing the housing gap. The group is particularly targeting young Filipinos who are actively investing in real estate, creating growth opportunities.

"The potential of the Philippines remains enormous with a young, energetic, service-oriented and still growing population. SM remains optimistic on Philippine growth driven by this market," DyBuncio adds.

SMDC has 18 key provincial city residential developments as of 2022. For community convenience, SMDC launched Vail Residences in Cagayan de Oro, Now Residences in Pampanga, and Zeal Residences in General Trias, Cavite in 2022.

On the tourism side, SM's Hotels and Conventions business continues to make key investments in domestic tourism.

SM Hotels and Convention Centers Corporation now operates nine world-class properties in key cities nationwide: Taal Vista Hotel in Tagaytay City, Pico de Loro Beach and Country Club and Pico Sands Hotel in Batangas, Radisson Blu Hotel in Cebu, Conrad Manila in Pasay City, and Park Inn by Radisson hotels in North Edsa, Clark, Davao, Iloilo, and Bacolod.

SMX Convention Center, the conventions business of SM Hotels, opened its convention center in Clark, Pampanga, strategically located beside Park Inn by Radisson Clark across SM City Clark and near Clark International Airport. This facility aims to make Northern Luzon a top meetings, incentives, conferences and exhibitions or MICE destination, further boosting tourism within its provinces.

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