Henry Sy, Sr. plans on merging his retail assets under SM Retail, Inc. that will form a larger business with almost 2,000 stores in total. The move is aimed at capitalizing on synergies amid tighter competition within the industry. A projected Php 260 billion in terms of revenue is also on the horizon.
The Sy family is set to fold in Ace Hardware, Homeworld, SM Appliance Centre, Toy Kingdom, Kultura, Baby Company, and various others into SM Retail. This is in exchange for new shares within the retail holding company. The stores absorbed by SM Retail will have a combined 1,374 outlets which delivered a combined Php53 billion in revenues in the previous year.
