By: Business Mirror
The retail market in the Philippine, mainly the shopping malls, remain vigorous and upbeat, according to the SM Group.
In a recent Nikkei Business Philippines-Japan Investment Forum in Tokyo, Japan, SM Supermalls COO Steven T. Tan said the country runs counter to the global trend of right-sizing and even closing down many large-format stores that are rightsizing, as well as shopping centers.
Tan said robust overseas Filipino workers’ remittances and sustained activity in the business-process outsourcing industry are the main drivers of the consumer-driven economy of the country.
“Unlike how it is in many parts of the world, retail in the Philippines is vibrant, upbeat and full of opportunity,” Tan said in his speech.
As of end-September 2019, consumer confidence in the Philippines was the second highest in the world, behind India.
“Optimism to spend among Filipinos is more than just a sentiment. We see it translating into actual consumer behavior, especially retail,” Tan said.
“It is interesting to note how brick-and-mortar retail continues to dominate and how it will continue to grow alongside the growth of Internet retailing in the Philippines. The Philippine environment is conducive to all kinds of retail, both digital and brick and mortar as we look at opportunities in both channels,” he added.
Over the past five years, Tan said a growing number of foreign brands have been entering the local market, mainly in food and beverage, and clothing and apparel.
He then encouraged Japanese retailers to consider investing in three immediate opportunities in the Philippines: food, beauty and health and wellness.
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