The Philippines’ SM Retail plans to open 20 more Savemore supermarkets this year after reaching the 100 threshold last year.
Savemore is a neighbourhood grocer format, typically about 1300 sqm and located in areas where there is little organised retail industry in place. In such neighbourhoods, most Filipinos shop in sari sari stores – small businesses selling groceries in single unit volumes, everything from shampoo to soft drinks, run from the front of family homes.
Besides groceries, Savemore stores offer services such as Western Union, bill payments and Watsons pharmacy concessions.
SM Retail says it will invest P1 billion (US$22.7 million) this year in building new Savemores.
SM Supermarkets president Joey C. Mendoza told the Philippine Star that SM Group opened 20 Savemore stores last year as well.
“Our Savemore is expanding aggressively. We’re now over 100 stores so that’s good. And we’re expanding our reach because of the positive reception,” he said.