SM Malls are once again bustling with activity, with foot traffic posting a 100 percent jump over pre-pandemic levels.
“Despite ecommerce, brick and mortar spaces will always have a compelling value and relevance for the Filipino shopper,” said Dhinno Tiu, executive vice president for operations and sales support at SM Store.
“As the new day social platform, the malls are a place of convergence, dining and shopping, where people can mingle and relax,” he added.
SM Retail, which operates more than 3,300 stores, reported a 91 percent surge in net income to P7 billion in the first half of the year on the back of an 18 percent growth in revenues to P163.7 billion.
The SM Store’s fashion categories that include clothes, shoes, bags, accessories and beauty, reached 95 percent of pre-pandemic sales by the end of the second quarter.
Department stores under the SM Store brand are operated by SM Retail.
Tiu expects malls to remain as the go-to community spaces in the country for Filipino shoppers.
“We continue to adapt to our customers’ modern needs and endeavor to provide them with new, safe, and enjoyable shopping experiences,” he said.