SM in lease, partnership talks with foreign furniture maker

SM Investments Corp. (SMIC) is in talks with a foreign furniture retailer regarding lease arrangement covering a huge space similar to the SMX Convention Center, said Teresita Sy-Coson, vice chairperson of SMIC.

Coson said the talks revolve on partnership and lease arrangements, but declined to name the furniture maker as she "is not the one handling it."

The space is similar to SMX in size, she said. The convention center covers 21,000 square meters of leasable space and can accommodate an audience of up to 18,0000.

SMIC earlier confirmed there were talks with Swedish furniture company IKEA, which stands for Ingvar Kamprad, Elmtaryd and Agunnaryd.

Last month, the Board of Investments (BOI) preapproved the request of IKEA operator and franchise owner Ikano Pte. Ltd. to do business in the Philippine market.

"Let's wait for them to announce. Basta, if they want space from us, we will always make it available. They're always looking around naman," Coson said.

SM carries the SM Home brand under its retail portfolio, which offers linen, furniture, glassware, kitchenware, decor items and storage products and organizers.


SMIC posted an 8-percent growth in net income last year, mainly on better results of its property business which accounted for 39 percent of total earnings.

SMIC is also parent to SM Retail Inc., BDO Unibank Inc. and SM Property Holdings Inc. — VDS, GMA News