Resurgence of fashion buoys SM Store Growth

PASAY, Philippines, Sept. 13, 2022 /PRNewswire/ -- The SM Store saw a resurgence in its fashion department buoyed by the return of crowds in stores and malls with the lifting of community restrictions.

Dhinno S. Tiu, The SM Store Executive Vice President for Operations and Sales Support said that The SM Store's fashion categories that include clothes, shoes, bags, accessories and beauty, ended the second quarter on a high note, reaching 95% of pre-pandemic sales.

"The resurgence of fashion has been driven by more energized spending as the economy reopens. To meet this vibrant demand, we ensure that we provide relevant and up-to-date merchandise and constantly innovate to address the Filipino shopper's ever-changing needs," Mr. Tiu said.

The trends that have emerged in the years under a pandemic leaned towards comfortable lounge garments coupled with active wardrobe choices when people opted to ride their bikes to work during the lockdowns. Children are also due for a much-needed change of wardrobe coming off a two-year growth spurt. And as face-to-face classes resumed, there was also an increase in demand for school essential items such as shirts, uniforms, shoes, bags, and stationery supplies.

With the younger generation in mind, The SM Store developed a 'Tee Bar,' that showcases a selection of T-shirts featuring whimsical and creative designs. The demographic known for its quick and expert grasp on technology can also indulge in the assortment of gadget categories from earphones to gaming keyboards, sure to aid a distance learning class or a piece of upgraded equipment for one's next gaming session.

Welcoming the shifting trends amid the resurgence of shopping, SM Retail reported an increase of 18% in its revenues to?PHP163.7 billion in the first half of 2022. SM Retail's net income also grew by 91% to PHP7.0 billion due to optimized cost efficiencies across all retail formats.

Considering its impact on the environment, SM Retail pioneered the initiative SM Green Finds. As part of the company's advocacy for responsibly made products, the program aims to provide sustainable options to consumers while showcasing local artisans and producers. These products are marked by a Green Finds badge at your favorite SM Store.

SM continues to adapt and evolve to provide customers with the best value, complete, and most diverse offerings to serve them wherever and however they want to shop. 

SOURCE SM Investments Corporation