SM hits 50-store milestone

MANILA, Philippines - Taipan Henry Sy Sr.’s pioneer department store concept which he started 57 years ago in Carriedo, Manila has now hit the 50-store milestone.

SM Retail Inc., the retail unit of mall and banking conglomerate SM Investments Corp., said the recent opening of The SM Store Megacenter in Cabanatuan, Nueva Ecija marked its 50th department store in the Philippines.

The new store, which is SM Retail’s 21st branch in Luzon alone, brought SM department store’s total gross selling area to 669,658 square meters.

“The SM Store has gone a long way from just selling shoes. It has evolved into providing the widest array of products and services than any other store in the country today, offering the greatest convenience through our financial services,and most exciting shopping experience for our customers, “SM Retail president Jorge Mendiola said.

The SM Store Megacenter consists of two levels with product offerings ranging from shoes, ladies, men’s and children’s wear, luggages, home items and appliances.

SM Prime Holdings Corp. acquired Megacenter, an existing community mall in Cabanatuan City, last year. SM Prime is also set to open its new SM mall in Cabanatuan by the end of the year.