SM Investments Corporation: The resilience of the Filipino shopper
PASAY, Philippines, Sept. 21, 2022 /PRNewswire/ -- Shopping and even 'malling' have become an integral part of the everyday Filipino lifestyle. As proof, SM malls' foot traffic increased by more than 100% over pre-pandemic levels for the year-to-date.
"As the new day social platform, the malls are a place of convergence, dining and shopping, where people can mingle and relax. Despite ecommerce, brick and mortar spaces will always have a compelling value and relevance for the Filipino shopper," Dhinno S. Tiu, The SM Store Executive Vice President for Operations and Sales Support said.
Crowds troop to SM malls with more relaxed community restrictions
He added that the Filipino consumer today is evolving but still focused on value shopping especially magnified by the pandemic. They are also getting more comfortable with technology as the pandemic pushed digital alternatives in consideration of safety.
Renewed economic activity is spurring a revival in livelihood which, in turn, is driving rising incomes across the country. With added resources, Filipinos are returning to shopping, especially in fashion items. Many also treat shopping as therapy and entertainment.
Safe shopping at The SM Store.
"People will always go shopping to feel good about everything that is going on," Mr. Tiu said.
SM knows the Filipino consumer all too well with its over 60 years of retail history. It however continues to listen, adapt and innovate to their ever-changing needs.
"We continue to adapt to our customers' modern needs and endeavor to provide them with new, safe, and enjoyable shopping experiences," Mr. Tiu said.
The strong performance of Philippine retail in the first six months of 2022 speaks of the resilience of consumption and speaks volumes about the uniqueness of the Filipino shopper.
Retail spaces, particularly malls, will always be the go-to community spaces in the Philippines for Filipino shoppers. Beyond the purchase of life's necessities, malls have evolved into a hub that serves as the modern-day plaza center for communities all over.
Source: SM Investments Corporation
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