PASAY CITY, Philippines, Jan. 27, 2023 /PRNewswire/ -- SM is heading into 2023 with optimism, pushing forward with expansion and growth to reach more communities.
"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 has been increasing its focus in provincial areas where local economies are growing faster. Over 80 percent of SM's new retail stores are in provincial areas where a good chunk of growing overseas remittances flow into. SM Retail, the retail arm of SM Investments, currently operates over 3,300 department stores, groceries and specialty retail stores.
Also gearing up to focus on further expanding into the provinces, particularly to cover most of Northern Luzon, Visayas and the progressive cities in Mindanao is SM Prime Holdings Inc., the property development arm of SM Investments.
In 2022, SM Prime opened four malls--SM City Roxas, its first mall in Capiz Province; SM City Tanza in the historic province of Cavite; SM City Sorsogon in the Bicol peninsula as the gateway of Luzon to the Visayas and Mindanao regions; and most recently, SM City Tuguegarao in Cagayan Province, its 82nd mall in the Philippines. To date, SM Prime has 58 malls in the provincial areas and 24 malls in Metro Manila.
"Our businesses are still operating in many highly underpenetrated sectors and we intend to serve Philippine communities in more regions nationwide," Mr. DyBuncio said.
With the improvement in employment, SM Development Corporation, SM Prime's residential arm is also poised to grow and expand in the provinces which is also seen to help narrow the housing gap. The Philippines also has a young population that is offering more growth opportunities as they enter and invest in real estate.
As of 2022, SMDC has 18 residential developments in key provincial cities. In 2022 alone, SMDC launched Vail Residences in Cagayan de Oro, Now Residences in Pampanga, and Zeal Residences in General Trias, Cavite, integrated into SM Prime's malls and transport terminals for the convenience of communities.
"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," Mr. DyBuncio said.
SM also continues to invest in the tourism potential of the Philippines through its hotels and conventions business. SM Hotels and Convention Centers Corporation operates nine world-class properties situated in key cities nationwide, namely 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 Park Inn by Radisson hotels in North Edsa, Clark, Davao, Iloilo and, Bacolod.
SMX Convention Center, the conventions business of SM Hotels recently launched 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 strives to contribute to making Northern Luzon one of the premiere destinations for meetings, incentives, conferences and exhibitions or MICE in the country, further boosting tourism prospects in the provinces.