Consumers are back to safe shopping in SM stores.Increased shopping activity, which was unleashed by the loosening of mobility restrictions, buoyed retail growth for SM Investments Corp., the country’s leading conglomerate.
“Despite rising inflation, we are encouraged to see shoppers’ robust spending in the first half. This is a bright spot in the Philippines and in the region amid global headwinds,” said Mr. DyBuncio.In the second quarter of 2022, SM Retail, Inc., which has a nationwide portfolio of department stores, groceries and specialty stores, posted revenues of P163.7 billion, higher by 18% from P138.2 billion in the same period last year.
A two-year break from shopping has unleashed retail demand. With kids having growth spurts, people emerging from the lockdowns badly in need of wardrobe upgrades and the resumption of face-to-face schooling, there was stronger demand for fashion items. The initiative aims to bring both suppliers and consumers to adopt a green way of living in the practice of responsible consumption to protect their respective communities.
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