SM Retail Inc. to invest over P1-B in Savemore expansion

MANILA, Philippines – SM Retail Inc. announced that it will be putting in over P1-billion in 2015 towards opening more Savemore supermarkets throughout the Philippines.

The mall and banking arm of business mogul Henry Sy’s SM Group said that it is eyeing 20 new Savemore outlets this year, to add to its 100 existing stores.

“Last year we opened 20, so this year perhaps (we’ll open) around that figure also,” SM Supermarkets president Joey C. Mendoza said.

“Our Savemore is expanding aggressively. We’re now over 100 stores so that’s good. And we’re expanding our reach because of the positive reception,” he added.

Aside from Savemore, SM Retail Inc. has SM Supermarket and SM Hypermarket as its stores in supermarket format.

Combining the outlets of Savemore, SM Supermarket and SM Hypermarket, SM Retail Inc.

is pushing the 200-store mark for the supermarket format.

“We will reach 200 stores very soon, I think by three more stores,” said Mendoza of this highly-anticipated milestone for the retail giant.