SM scraps Goldilocks acquisition deal

Feb 5, 2018Updated Jun 4, 20251 min read

SM Retail, a subsidiary of SM Investment Corporation (SMIC), has called off a planned acquisition of Goldilocks Bakeshop chain in the Philippines.

This follows the Philippine Competition Commission (PCC) approving the takeover just last month.

Citing changes in the business environment, SMIC corporate secretary Elmer Serrano has confirmed that SM Retail has backed out of the deal, saying it was a joint agreement.

SMIC, through SM Prime Holdings (SMPHI), runs nearly 70 SM Malls in the Philippines, while Goldilocks has a network of more than 500 stores, some of which are in SM Malls. The acquisition would have made Goldilocks a subsidiary of SM Retail.

Both parties had committed to address potential competition issues when submitting details of the proposal to the PCC. Concerns included the possibility of limited retail space in SM Malls for Goldilocks’ competitors. There were also concerns SM Retail might gain access to competitors’ sales information.

Tags

About the author

Mei Ling Tan

Contributor · RetailNews.asia

Mei Ling Tan is the Editor of Retail News Asia, where she leads the editorial team in delivering in-depth coverage of Asia’s dynamic retail landscape. With over a decade of experience in business journalism, Mei Ling is known for her sharp analysis, deep industry insights, and commitment to uncovering the stories behind Asia’s most innovative retail brands. Before joining Retail News Asia, Mei Ling held senior reporting roles at regional business publications, covering everything from consumer trends to digital transformation in retail. A graduate of the National University of Singapore with a degree in Communications and New Media, she combines journalistic integrity with a strong understanding of evolving market forces. Outside the newsroom, Mei Ling is a frequent speaker at industry panels and a mentor for young journalists.

Asia's retail intelligence, in your inbox