The Philippines-based large shopping center developer, SM Group, has announced plans to build ten large shopping centers in China over the next five years.
The group said it currently has three large shopping centers in Xiamen and it is considering building new outlets in Chinese cities such as Suzhou, Chongqing, and Zibo.
The group said the reason for its enhanced investment in China is the strong performance of China's economy. It is expected to increase its revenue in China to 10% from the current 2% to 3%.
SM is the Philippine's most dominant player in retail with 102 stores nationwide. Of these, 34 are SM Department Stores; 25 are SM Supermarkets; 16 are SaveMore branches; and 13 are SM Hypermarkets. SM also owns 60% of Pilipinas Makro which has 14 Makro stores. In 2008, SM retail opened a total of 11 stores, including two department stores, two supermarkets, two hypermarkets, and five SaveMore stores.