SM Investments Corp., unlike other retail owners, is embracing the further liberalization of Philippine retail trade while looking forward to the entry of small foreign brands. SM Investments vice chairman Tessie Sy-Coson said foreign retailers still needed to team up with a local investor, who is more familiar with the local business terrain. SM Investments, which owns the biggest retail chain in the country, said foreign retailers would have a difficult time learning and adapting to the peculiarity of the Filipino market, “so they have to partner somehow or hire Filipinos as part of their team.”Despite the proposed lower financial hurdle, SM Investments said the trade liberalization would lead to increased foreign investments. The trade liberalization has encouraged foreign companies to invest in the Philippines. While malls in the US have started closing down due to the convergence of retail platforms, SM Investments is confident it will maintain its share of the local retail.

Source: The Standard November 03, 2017 12:33 UTC