SM Group to open 10 more Savemore stores by yearend

MANILA, Philippines - SM Retail Inc., the retail unit of the mall and banking conglomerate of tycoon Henry Sy, plans to open 10 more Savemore supermarkets before the year ends to boost its network to 112.

SM Supermarkets president Joey C. Mendoza, on the sidelines of the Asean Business Awards 2014, said the SM Group currently has 102 Savemore outlets across the country.

The additional 10 new Savemore branches to be opened in the next three months is in line with the company’s aggressive expansion in key areas given the steady population growth and shifting preferences of the market.

 “We are hoping that the product supplies are going to be good,” Mendoza said.

Savemore is the SM Group’s fast-expanding vehicle for introducing organized retail in areas where there is either a limited offer of products or none at all.

SM Retail said services such as bills payment, Western Union money transfer, and a Watsons pharmacy highlight Savemore’s positioning as a one-stop-shop destination.

Savemore also offers SM Bonus items as well as various promos and discounts like Buy One Get One, Swipe, Valuepack and Yellow Tag.

Savemore is one of SM Retail’s three store formats that also includes SM Supermarket and SM Hypermarket.

As far as its partnership with Luzon-based shopping mall and supermarket chain Waltermart is concerned, Mendoza said the two firms are continuously learning from each other.

 “Their stores are very well run. Why rock the boat?” Mendoza said.

SM Investments Corp. (SMIC) entered last year into a 50-50 partnership with the Waltermart Group of Companies.

SMIC earlier said the partnership would not include taking over the management and business of Waltermart but instead, would only pave the way for the expansion of Waltermart malls and supermarkets.