(Source: Manila Standard | 24 March 2017)
Conglomerate SM Investments Corp. said its retail group opened seven new grocery stores under the neighborhood store format Savemore Market in February.
SM Investments said SaveMore Market opened four stores in Negros Occidental including Savemore Market Kabankalan, Savemore Market Victorias, Savemore Market San Carlos and Savemore Market San Carlos Citymall.
It also opened one store each in San Andres (Manila), Boracay and Tagum (Davao del Norte).
“We continue to expand while taking into consideration the changing needs of the market. With more communities outside of Metro Manila still with minimal access to groceries and with the worsening Manila traffic, shoppers need a complete source of daily and weekly essentials that do not require them to travel far,” Savemore Market president Jojo Tagbo said.
Savemore Market also plans to open an additional 13 stores in the rest of 2017.
Savemore Market is currently the fastest growing format of SM Markets, which also includes SM Supermarket and SM Hypermarket.
This innovative format is geared towards answering shoppers’ last minute grocery needs while remaining compact, complete and very convenient to shop at.
SM Investments’s retail group operates 2,110 outlets including 56 SM Stores, 1,556 specialty retail outlets, 48 SM Supermarkets, 44 SM Hypermarkets, 156 Savemore, 39 WalterMart and 210 Alfamart stores.
SM Investments’s retail group posted an 8-percent growth in revenues in 2016 to P276.5 billion, while net income rose 7 percent to P10.6 billion.