SM Markets to open up to 15 stores outside Metro Manila in 2024

Sy-led SM Investments Corp. (SMIC) on Tuesday announced plans to open some 10 to 15 new SM Markets stores in 2024, including three in the first half of the year, aimed at providing its services outside Metro Manila.

In an emailed statement, SMIC said it will open three stores in the first half including Mati, Davao Oriental; Marilao, Bulacan, and Naujan, Mindoro. It already opened Savemore stores in Siniloan, Laguna; Pantukan, Davao de Oro; Hotel Supreme, Baguio; and Caloocan earlier this year.

SM Markets currently has 66 supermarkets, 54 hypermarkets, and 223 Savemore stores, after opening 12 stores in the country in 2023 including those in Iloilo, Bataan, Leyte, and General Santos.

SMIC has allocated P120 billion for its capital spending this year, with bulk going to its property business SM Prime Holdings Inc. which is set to open four malls.

Shares in the company were last traded at P862.00 apiece, down by P13.00 or 1.49% from Monday’s finish of P875.00 per share. —AOL/VBL, GMA Integrated News