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.