SM Group Continues Nationwide Expansion

SM Investments Corporation (SMIC) has announced its plans to continue growing its presence across the Philippines as part of a major push towards inclusive development and nationwide expansion.

Expansion in Full Swing: SM Investments Corporation continues its nationwide expansion, bringing new malls, residential projects, and retail outlets to more Filipinos. SM Prime Holdings, Inc. is set to open four new malls in 2024, contributing to the company's vision of promoting inclusive development across the Philippines. | Photo: SM Investments Corporation

This expansion strategy is geared towards providing more Filipinos with access to modern retailing, formal financial services, and integrated property developments.

"We will continue to invest in growth in the Philippines and are committed to being a catalyst for responsible development," said Frederic C. DyBuncio, President and CEO of SM Investments Corporation.

He emphasized that the country's dynamic, young, and higher-earning population is driving economic activity and supporting SM's growth trajectory.

SM Prime Holdings, Inc., the property arm of SMIC, is opening four new malls in 2024, one in Metro Manila and three in provincial areas. This expansion will bring modern retail experiences to communities that have yet to benefit from such developments.

Similarly, SM Development Corporation (SMDC) is planning to roll out 8,000 to 10,000 residential units across northern Luzon, Visayas, and Mindanao this year. These developments aim to address the growing demand for housing and improve living conditions in various regions.

SM's reach extends beyond retail and property. Its banking arm, BDO, along with BDO Network Bank, plans to add 100 to 120 branches nationwide this year, providing greater access to formal financial services.

Additionally, SM's minimart grocery chain, Alfamart, will increase its store expansion by at least 400 new outlets in 2024, offering more convenience to consumers.

In the energy sector, SM’s acquisition of the Philippine Geothermal Production Company (PGPC) signals its commitment to sustainability and renewable energy. The company aims to double its current steam production of 300 megawatts, creating around 2,000 jobs during exploration and development, boosting local livelihoods.

SM's diversification continues with its logistics company, Airspeed, expanding its distribution facilities in key cities and opening more kiosks to offer quicker delivery times. Moreover, 2GO Group, Inc. added two new ships, extending its reach to 19 ports of call.

Overall, SM Investments Corporation's expansive growth plan underscores its dedication to fostering economic development and providing more Filipinos with the benefits of its extensive business network.