SM: A partner for local progress

MANILA, Philippines — The SM Group is keen on expanding in more underserved areas in the country to support local development as well as homegrown brands.

“The regions are providing a lot of growth potential for all of our businesses as we continue to expand in many underserved areas,” SM Investments Corp. (SMIC) president and chief executive officer Frederic DyBuncio said.

SMIC has investments in market-leading businesses in retail, banking and property.

Its retail operations, for one, are the country’s largest and most diversified, consisting of grocery stores, department stores and specialty retail stores.

“SM Supermalls is committed to not just being a destination for shopping, but a pillar of community growth and development,” SM Supermalls president Steven Tan said.

“We view ourselves as partners with the areas where we operate, helping create jobs and livelihood opportunities to spur economic progress,” he said.

The SM Group has been contributing significantly to the national workforce, as developments like malls and retail stores present employment opportunities for local area residents.

The group had earlier expressed its intent to expand in more regions across the Philippines to reach more communities.

It has been increasing its focus in provincial areas where local economies are growing faster, including areas that are underserved and with great potential.

The opening of its 85th mall in Santo Tomas, Batangas in October 2023, for one, marked another milestone in the group’s strategic development toward the regions.

SM City Sto. Tomas is its fourth mall in the province, following the openings of SM City Batangas, SM City Lipa, and SM Center Lemery in 2004, 2006, and 2017, respectively.

Santo Tomas City Mayor Arth Jhun Marasigan said the opening of SM in their community paved the way for different opportunities not only for the city itself, but also for its residents.

“Many of our residents have found opportunities to open their own business within the mall and its surrounding areas,” Marasigan said.

“The provision of employment brought by its opening has catered to thousands of job-seekers, most especially Tomasinos and, in turn, had an impact on the city’s economy,” he said.