Henry Sy in eCommerce foray
Philippine retail mogul Henry Sy has partnered with Rocket Internet’s Lazada.
Sy, the richest man in the country and owner of the biggest retail company in the Philippines, and Lazada will target the growing legion of online shoppers in the country.
SM Investments Sy’s holding company, entered into a deal that allows Lazada to sell online merchandise from toys to clothes, according to Teresita Sy-Coson in a press interview. Lazada will sell SM’s light non-food items and, eventually, home furniture and appliances.
“This strategic alliance with Lazada will further enhance our online store,” Sy-Coson told Bloomberg in an interview.
In December 2014, SM Investments’ The SM Store (rebranded SM department stores) launched its own eCommerce website, featuring such categories as accessories, apparel, shoes and gift ideas. Through the online shopping site, The SM Store has been delivering door-to-door to most parts of the Philippines through logistics partners.
Online shoppers may also opt for purchase pick-ups at one of its branches 24 hours after orders have been placed.
But the concept failed to catch the imagination of consumers and sites like Lazada proved more popular.
To date, SM’s retail arm, SM Retail, includes 53 SM department stores, 44 hypermarkets and 213 supermarkets as well as majority stakes in the local operations of Alfamart, Forever21, Crate & Barrel and other specialty and apparel retailers in addition to a minority stake in Uniqlo.