SM group eyes more supermarkets in Vis-Min

ABS-CBN News

Posted at Aug 30 2012 06:30 PM | Updated as of Aug 31 2012 02:30 AM

MANILA, Philippines - Henry Sy's SM Investments Corp. is eyeing acquisitions of retail establishments, particularly supermarkets, in Visayas and Mindanao.

This comes as SM supermarkets are facing strong competition from the supermarket chain Puregold Price Club Inc., owned by Lucio Co.

SMIC chief finance officer Jose T. Sio said the company is in discussions with some supermarkets, but did not name these.

"We want to accelerate the growth of our retail business. We are looking for acquisitions in Visayas and Mindanao," he said.

As of end-June, SM Retail has a total of 183 stores - including 43 department stores, 34 SM Supermarkets, 73 SaveMore stores and 33 SM Hypermarkets.

Sio said they are also focusing on expanding its stores, especially neighborhood stores under the Savemore brand.