SM named Philippines’ Top Retailer
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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.”
“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.”
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.
Questions & Answers
Q.Which specific award did SM Retail receive and what other companies were recognised alongside it?
Which specific award did SM Retail receive and what other companies were recognised alongside it?
SM Retail received the Gold Award as the Philippines’ Top Retailer. Puregold Price Club received Silver, and Mercury Drug Corporation received Bronze. Watsons Philippines and ACE Hardware, both affiliated with the SM Group, also earned Certificates of Distinction.
Q.How did SM Store's 'shop-in-shop' concept at SM Makati aim to enhance the customer experience?
How did SM Store's 'shop-in-shop' concept at SM Makati aim to enhance the customer experience?
The 'shop-in-shop' concept designed each category like an individual boutique, creating a bolder retail environment. This highlights merchandise and aims to engage 'elite customers' by offering a new sense of space.
Q.What change did the Food Retail Group implement to its various formats?
What change did the Food Retail Group implement to its various formats?
The Food Retail Group unified its three formats, SM Supermarket, SM Hypermarket, and Savemore, under a single brand name, SM Markets. This emphasised their commitment to consistent service, selection, and value across all stores.
Q.What is the primary factor that Retail Asia Publisher Andrew Yeo believes retailers must nurture to retain customers?
What is the primary factor that Retail Asia Publisher Andrew Yeo believes retailers must nurture to retain customers?
Andrew Yeo stated that retailers must nurture 'trust' to win and maintain customers. He commended the companies for their adaptability, versatility, and ability to hold onto this critical core value.
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