SM Recovers With Increase of Mall Traffic

With an estimated 3,300 stores, SM retail was noted to have an increase in revenues by ₱163.7 billion or 18% in the first half of 2022 due to the comeback of crowds in their malls and physical shops.

The net retail income of SM rose to ₱7 billion or 91% due to their operations in all retail formats.

Mr. Dhinno S. Tiu, The SM Store Executive Vice President for Operations and Sales Support shares that nowadays, Filipino consumers are continuously changing but their focus is still hinged on value shopping, which was highlighted by the COVID-19 pandemic.

Consumers are now more used to technology as another alternative since the pandemic in consideration of safety. Despite this, Tiu maintains that malls and retail spaces will still be the go-to community spaces in the country for local shoppers.

Extending beyond the shopping for necessities, malls have transformed into a space that acts as a modern-day plaza center for all communities.

Tiu says, “As the new day social platform, the malls are a place of convergence, dining, and shopping, where people can mingle and relax. Despite e-commerce, brick and mortar spaces will always have a compelling value and relevance for the Filipino shopper,”

Other parts of the world, specifically Western countries experienced bad business in light of the pandemic. However, for the Philippines, “malling” and shopping became an important part of Filipino citizen’s life.

SM has noted that its food traffic has risen to more than 100% over pre-pandemic levels.

Source: Manila Bulletin