Tag: SM

  • SM founder Henry Sy still on top

    SM founder Henry Sy still on top

    Retail king Henry Sy, Sr. remains the Philippines’ richest person, according to the Forbes 2016 Global Billionaires’ list.

    Henry Sy SMSy, 91, has an estimated net worth of $12.9 billion – roughly P562.3 billion – as of  this month, making him the world’s 71st richest person.

    His net worth dropped from $14.2 billion in 2015 due to the volatile global market, weak oil prices and strong US dollar.

    Born in Xiamen, China in 1924, Sy migrated to the Philippines and conquered the retail scene becoming the SM founder. His eldest daughter, Teresita Sy-Coson, has become one of Asia’s most powerful businesswomen.

    Sy’s family business empire, SM Investments Corporation (SMIC), includes  retailing, real-estate, hospitality, banking, mining, education and healthcare services.

    In 2015, SMIC reported a 13 per cent growth in recurring income, with consolidated net income of P28.4 billion and consolidated revenues of nearly P300 billion. The increase came on the back of 17 per cent growth in retail earnings, 14 per cent growth in property net income and 10 per cent growth in bank income.

  • SM Investments Corporation wins two Anvil Awards for its Annual and ESG Reports

    SM Investments Corporation wins two Anvil Awards for its Annual and ESG Reports

    SM’s first 2014 ESG report with the theme, “Working Together for a Sustainable Future”, earned a Gold Anvil Award for manifesting the company’s commitment to sustainability practices and for providing accurate disclosure and integrated reporting of its ESG policies. It is a group-wide report highlighting good governance, social development and environmental consciousness of SM companies such as SM Retail, SM Prime Holdings, and BDO Unibank. SM recognizes that adhering to ESG global best practices is a journey as global guidelines and the needs of SM’s stakeholders continue to evolve.

    The 2014 Unified Annual Reports bagged a Silver Anvil Award for featuring inter-related themes of the company and its subsidiary on new opportunities for growth.

    The 2014 Unified Annual Reports consist of the Annual Report of SM with the theme, “Pursuing New Opportunities for Growth” and that of SM Prime Holdings, Inc. that carried the theme, “Building New Opportunities for Growth”.

    Dubbed as the “Oscars” of the public relations industry in the Philippines, the Anvil is presented to the outstanding public relations tools and programs that have met the high standards set for each category.  PR practitioners, industry communications specialists, academicians and business persons attended the event.

  • SM Seaside City opens in Cebu

    SM Seaside City opens in Cebu

    The newly opened SM Seaside City Cebu is SM’s third largest mall in the country measuring 430,000 sqm in gross floor area.

    And the property developer SM Prime describes the mall as one of the Philippines’ most picturesque, showcasing not just architectural excellence but also resilience in design.

    Due to its proximity to the Mactan Channel, the mall draws marine inspiration from the “nautilus”. The sea creature’s unique shape and logarithmic pattern guided the building’s architectural shape and design. The nautilus, a spiral shell with pale, pearly chambers, is

    one of the finest examples of natural beauty and elegance.

    Arquitectonica’s Peter Brannan, MD for Asia says translating this design into mall features meant not only providing the usual retail, service and transport facilities.

    “It also has to act as the social hub, much like the marketplaces or town squares in the old, traditional communities,” Brannan said.

    This prompted Arquitectonica to propose “community” features such as a landscaped roof deck that can act like a “Central Park” called the Sky Park.

    The design also includes a central courtyard with a 150 meter modern bell tower which can be the centerpiece of community events like fiestas or New Year Event countdowns. Add to this the “Cube” sculpture at the facade of the mall which is an anagram for “Cebu”, serving

    currently as one of the more popular “selfie” spots for shoppers and tourists. Nearby at the complex is the Chapel of San Pedro Calungsod with a hundred walls, which has emerged as one of the City’s favorite wedding destinations.

    Now in operation, the mall makes this communal spirit much more apparent.

    “We understand that Cebuanos have a very strong sense of community, so we wanted to make sure we gave them a venue in which they could celebrate this communal spirit,” Brannan said.

    The Sy family envisioned the 30 -hectare SM Seaside City complex as a regional destination, bringing together local and foreign tourists from all walks of life mainly from the Visayas and Mindanao regions.

    Beyond beauty is sustainability

    Beyond the mall’s aesthetics, SM believes that investing in sustainability safeguards the welfare of the customers, the tenants, and the mall’s host communities.

    SM Prime Holdings president Hans T Sy said during his speech at the UNISDR General Meeting in London in November that depending on the location and assessment of SM’s projects, around 10 per cent of capital expenditure is allocated to disaster resilience which requires making the mall structure resistant to risk from potential disasters.

    “My experience has proven that investing in resilience of our company’s assets makes good business sense,” Sy said.

    For its seaside mall, Architect Fides Hsu, VP of SM Engineering, Design and Development Corp, said SM Prime hired design experts who gave extra attention to the challenges of weather, especially typhoon and flooding given its location by the sea. SM Prime backfilled soil onto the reclaimed property specifically on the roads so that the whole complex where the mall sits is elevated by approximately 4.5 meters from the city roads. Due to its elevation, a lower carpark level was created to accommodate 1700 vehicles.

    Furthermore, all necessary electrical and mechanical equipment are located on the roof deck.

    In terms of seismic design or provisions for earthquakes, the building structure of SM Seaside was designed in compliance with Philippine building regulations such as the 2010 National Structural Code of the Philippines (NSCP), the Uniform Building Code (UBC 97), and the International Building Code (IBC 2010).

    The mall also uses water treatment facilities that recycle used water by 90 per cent and re-use this for the cooling tower, toilet flushing and irrigation.

    To reduce energy consumption, the mall’s air conditioning uses a Building Management System (BMS) and high efficiency chillers. In addition, all storefront windows and skylights of the mall use double glazed low e-glass which prevent heat from penetrating by as much as 78 per cent. Furthermore, the whole mall is equipped with LED lights, while mall escalators have an “auto start and stop” feature that is activated when in use or otherwise. Elevators are inverter type systems that save power of up to 30 per cent.

    “Even way back in the mid 80s when SM started building its malls, Hans T Sy has been responding to issues of sustainability and disaster risk resilience. The older malls of SM, for example, have long been using the BMS and variable frequency drives for air conditioning that control mechanical motors to maximise usage of power,” Hsu said.

  • SM named Philippines’ Top Retailer

    SM named Philippines’ Top Retailer

    In October 1958, SM, then known as Shoemart, was nothing but a lone store along Rizal Avenue in downtown Manila. Fifty-seven years later, it has become a part of the lives of millions of Filipinos across the country and abroad. And with more than half a century of retail experience under its belt, SM Retail once again received the Gold Award as the Philippines’ Top Retailer at the recently held Retail Asia-Pacific Top 500 Awards.

    Each year, Retail Asia Publishing recognizes the largest and most outstanding retail companies in the 14 Asia-Pacific economies. Three retailers stand our from the pack and receive Gold, Silver and Bronze awards. SM Retail has consistently been a Gold recipient, while Puregold Price Club and Mercury Drug Corporation received the Silver and Bronze Awards, respectively.

    Two other companies affiliated with the SM Group, Watsons Philippines and Ace Hardware also received Certificates of Distinction during the awarding ceremony.

    SM Retail received the Gold Award as the Philippines’ Top Retailer during the recent Retail Asia-Pacific Top 500 Awards held recently at the Solaire Resort and Casino. Photo shows SM Retail Chairman Tessie Sy Coson receiving the award from Mr. Douglas Lawson, UnionPay International Southeast Asia’s Head of Regional Products. Each year, three top companies in 14 Asia Pacific economies receive Gold, Silver, and Bronze top retailing awards, with SM Retail consistently a Gold recipient. Two other companies affiliated with the SM Group, Watsons Philippines and ACE Hardware also received Certificates of Distinction during the evening.

    Retail Asia Publisher Andrew Yeo commended the retailers that made it in the Retail Asia-Pacific Top 500 list for having “risen to the many challenges confronting the industry, reviewing and revamping their operation to provide seamless shopping experiences for today’s highly connected shoppers.”

    Since its establishment, SM Store has undergone major transformations to serve a new generation of customers. SM Makati introduced the shop-in-shop concept wherein each category is designed and conceptualized like an individual boutique with its own look and feel.

    Here, elements work together to create a bolder, more innovative kind of retail environment, which highlights and defines the merchandise, engaging the elite customer to experience a new sense of space.

    Apart from the SM Store, SM’s Retail Group also has specialty store formats that serve niche markets by focusing on a wide selection of merchandise for each category. Part of this is the Food Retail Group, which recently unified its three formats – SM Supermarket, SM Hypermarket, and Savemore – under one brand name known as SM Markets to emphasize the group’s commitment to bring the same friendly service, wide selection, and great value across all its stores.

    The Non-Food Group, on the other hand, has store formats including appliance stores, fashion discount and toy superstores, as well as Kultura Filipino, a showcase of the best Filipino products.

    “You have not only proven yourselves to be adaptable and versatile, but also able to win and maintain the critical core value that all retailers must nurture in their drive to win and retain their customers – trust,” said Yeo.

  • Philippines mall magnate tops rich list

    Philippines mall magnate tops rich list

    Henry Sy, the founder of the Philippines mall giant SM has maintained his place at the top of the nation’s rich list for the eighth consecutive year.

    Sy’s various business interests include property, retail and banking and his net worth is estimated byForbes Philippines as US$14.4 billion – up $1.7 billion on the 2014 figure.

    Forbes calculated Sy’s SM Investments rose 17 per cent in value during the last year and SM Prime Holdings by 20 per cent.

    Besides his retail interests, the 90 year old Sy who was born in Xiamen, China, has shares in power supplier National Grid Corp.

    Second on the list is another retailer: John Gokongwei Jr, one of the family which owns the parent company of Robinsons malls in the Philippines, amongst other assets including energy, airlines, telecommunications and food. His net worth is estimated at $5.5 billion.

  • SM to expand Savemore network

    SM to expand Savemore network

    The Philippines’ SM Retail plans to open 20 more Savemore supermarkets this year after reaching the 100 threshold last year.

    Savemore is a neighbourhood grocer format, typically about 1300 sqm and located in areas where there is little organised retail industry in place. In such neighbourhoods, most Filipinos shop in sari sari stores – small businesses selling groceries in single unit volumes, everything from shampoo to soft drinks, run from the front of family homes.

    Besides groceries, Savemore stores offer services such as Western Union, bill payments and Watsons pharmacy concessions.

    SM Retail says it will invest P1 billion (US$22.7 million) this year in building new Savemores.

    SM Supermarkets president Joey C. Mendoza told the Philippine Star that SM Group opened 20 Savemore stores last year as well.

    “Our Savemore is expanding aggressively. We’re now over 100 stores so that’s good. And we’re expanding our reach because of the positive reception,” he said.