SM in bid for Cherry Foodarama

Philippines retail conglomerate SM says it is in talks to buy grocery retailer Cherry Foodarama.

In a disclosure to the stock exchange, SM Investments said the two companies are planning to enter into a joint venture, subject to agreeing on terms.

SM also operates in a JV arrangement with Waltermart and rival retail giant Ayala Group has a partnership with Puregold.

Cherry Foodarama was founded in the 1950s and is seen as something of a pioneer in the Philippines grocery business. It has three stores in metro Manila – at Quezon City, Antipolo City and Mandaluyong.


If the deal is sealed, it would take SM’s grocery store network to 232, the existing stores operating under the SM Supermarket, Hypermarket, Savemore and Waltermart brands.

Puregold Price Club has 254 stores nationwide.

Comments

1 comment

  1. Avatar

    Patrick D McClintock posted on July 30, 2017

    Pity. A company that refuses to enter the 21st Century at all cost just keeps going and again REFUSING to see their own demographic change. It is happening before their very own eyes and yet presentation, procedures and merchandising are still as they were 40 years ago. This happened in the US as well and many stores and businesses fell by the wayside due to arrogance and plain stubbornness. Sad. There WILL be a very rude awakening...but always when it is too late. reply

Comment Manually

x

SUBSCRIBE
FREE NEWS BRIEFS Get breaking news delivered