SM Invests in Growth, Expands to Reach More Communities
Asay City, Philippines – SM Investments is starting 2023 with a positive outlook, focusing on expansion and growth to reach more communities.
“We’re investing in the future growth of the Philippines, which has tremendous potential,” said SM Investments Corporation President and CEO, Frederic C. DyBuncio.
SM is putting more emphasis on areas in the provinces where local economies are growing rapidly. Over 80% of SM’s new retail stores are in these areas, where a large portion of growing overseas remittances are being received. SM Retail, the retail division of SM Investments, currently operates over 3,300 department stores, groceries, and specialty retail stores.
SM Prime Holdings, the property development arm of SM Investments, is also looking to expand further into the provinces, especially Northern Luzon, Visayas, and progressive cities in Mindanao. In 2022, SM Prime opened four malls, including SM City Roxas in Capiz Province, SM City Tanza in Cavite Province, SM City Sorsogon in Bicol Peninsula, and SM City Tuguegarao in Cagayan Province. SM Prime now has 58 malls in the provinces and 24 in Metro Manila.
“We’re still operating in many under-served sectors and aim to serve more communities nationwide,” Mr. DyBuncio said.
With improved employment, SM Development Corporation, the residential arm of SM Prime, is also poised for growth and expansion in the provinces, helping to reduce the housing gap. The Philippines has a young population that is investing more in real estate, offering growth opportunities. SMDC has 18 residential developments in key provincial cities and recently launched Vail Residences in Cagayan de Oro, Now Residence in Pampanga, and Zeal Residence in General Trias, Cavite.
“The Philippines has enormous potential with a young, growing, service-oriented population. We’re optimistic about the country’s growth,” Mr. DyBuncio said.
SM is also investing in the tourism potential of the Philippines through its hotels and conventions business. SM Hotels and Convention Centers Corporation operates nine world-class properties in key cities nationwide, including Taal Vista Hotel in Tagaytay City, Pico de Loro Beach and Country Club, 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.
Recently, SMX Convention Center, the conventions division of SM Hotels, launched its convention center in Clark, Pampanga, near Clark International Airport. This facility is aimed at making Northern Luzon a top destination for meetings, incentives, conferences, and exhibitions, further boosting tourism prospects in the provinces.