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SM Retail to open 35 new stores in Philippines in 2013

RBR Staff Writer Published 02 April 2013

SM Retail, an operator of various supermarkets and department stores under holding firm SM Investments, is planning to open 35 new stores in Philippines in 2013.

The store openings are part of the company's aim to secure double-digit sales growth for the full year and the company had allotted PHP5bn ($122.1m) for store expansion program.

SM Investments investor relations senior vice-president Corazon Guidote said the company is looking to open 30 to 35 new stores nationwide.

"Breakdown not yet available as locations are still being identified," Guidote added.

"SM Retail will continue to expand its market reach in order to service the needs of consumers particularly in areas where organized retail is either nonexistent or limited."

In 2012, SM Retail opened 34 stores consisting of five SM Department Stores, four SM Supermarkets, 18 SaveMore (neighborhood grocery) stores, and seven SM Hypermarkets.

As of 2012 end, SM Retail operated 46 department stores, 37 SM Supermarkets, 37 SM Hypermarkets, and 82 SaveMore stores, for a total of 202 stores.

The retailer is also looking to add new retail brands in 2013.