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SM Investments converts two Makro outlets to hypermarts


Sy-led holding company will convert two Makro outlets in Metro Manila into a hypermarket, which is both a supermarket and a department store. SM Investments Corp. executive vice president Jose T. Sio said P200 million to P300 million would be spent for each Makro outlet. “It is not being refurbished; we're converting Makro into SM Hypermarket. But out of the areas that we have identified, two more will be converted," Sio said in a recent interview. These two Makro outlets are in Novaliches, Quezon City and in Osmena Higway in Makati City, SM Hypermarket executive vice president Robert Kwee said. “Right now, Makati and Noveliches have been closed down. Makati will be reopened by end of September while Novaliches will be in last quarter," Kwee said. Makro has 13 other outlets in Pampanga, North Harbour in Manila, Mandaluyong, Imus in Cavite, Batangas, Sucat in Paranaque, Las Pinas, Cainta in Rizal, Cubao, Iloilo, Cagayan de Oro, Davao and Cebu. The Makro outlet in Mandaluyong has been converted to SM Hypermarket, which provides one-stop shopping. SM Investments owns 60 percent of Pilipinas Makro Inc., which caters to sari-sari stores, retailers, service sectors, hotels, restaurants and canteens. The listed holding firm’s retail business has already generated 39 percent of the total income in the first semester due to cost efficiency and expansion particularly with the instruction of smaller supermarket format like Save More stores. Sio said SM Investments would likely exceed its 12 percent target this year. -GMANews.TV

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