SM Retail, the anchor of the Sy family’s vast shopping empire, said its net income almost doubled to P7 billion in the first half of the year as the easing of lockdown restrictions spurred a resurgence in shopping and as the company optimized cost efficiencies across all retail formats.
In a report, SM Retail said its revenue went up by 18 percent to P163.7 billion. Fashion categories that include clothes, shoes, bag, accessories and beauty, in particular, ended the second quarter on a high note, reaching 95 percent of pre-pandemic sales.
“The resurgence of fashion has been driven by more energized spending as the economy reopens. To meet this vibrant demand, we ensure that we provide relevant and up-to-date merchandise and constantly innovate to address the Filipino shopper’s ever-changing needs,” said Dhinno Tiu, SM EVP for operations and sales support.
He said to provide sustainable options for customers, SM Retail pioneered the SM Green Finds initiative to enhance its offerings. As part of the company’s contribution to preserving the environment, the advocacy showcases responsibly made products by local artisans and suppliers.
Through SM’s home, fashion, and beauty lines, sustainable products such as kitchenware made from high-quality bamboo or tableware from acacia wood, fashion pieces from recycled materials, and beauty products free from harmful chemicals can be found.
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