Henry Sy’s retail empire continues to grow
The Sy family’s retail operations sustained their growth in the nine months to September this year, mainly driven by an aggressive expansion across the country.
SM Retail Inc. grew its net earnings seven percent to P7 billion on the back of a nine percent hike in sales to P186 billion.
Revenues from recently acquired specialty retailers expanded by 13 percent.
The SM Store ended September with a total of 55 The SM Stores following the opening of two branches — SM San Jose Del Monte in Bulacan and in SM Trece Martires in Cavite.
The food retail group added 15 mid-sized format Savemore stores, two SM Supermarkets, one SM Hypermarket and three WalterMart stores, bringing the total network to 277.
Meanwhile, the group’s convenience business under Alfamart increased its number of stores to 187 from 99 at the start of the year.
The higher sales was attributed to the merger of SM Retail with several leading specialty retail stores with over 1,400 outlets.