SM Prime Holdings, Inc. ($SMPH) the property unit of the Sy family, is investing P100 million to improve its online platforms as it faces shifting consumer behavior caused by the COVID-19 pandemic.
In a statement, SM Prime President Jeffrey Lim said “we see e-commerce as a strategy to complement our malls business and connect our retail tenant to our customers.”
“We acknowledge the growing popularity of ecommerce specially during the pandemic and SM Prime is allocating up to P100 million to accelerate our online presence with our ecommerce platform,” said Lim.
He added that, “We will start with the click and collect which enables our tenants and our customers to meet virtually in the platform.”
The company said it will maintain its budget of P80 billion capital expenses for 2020 to concentrate on projects that will deliver sustainable profits in the long term. Moreover, the company will continue to explore opportunistic acquisitions and/or investments.
“We believe that in a crisis like this, flight to quality will be the driver for consumers and buyers, and SM has the solution and right product,” said SM Prime Chairman of the Board Henry T. Sy, Jr.
SM Prime and its subsidiaries have 11,695 regular employees as of end-2019. The whole SM Group, which includes SM Markets, BDO and the SM Store, reported some 157,288 employees in its 2019 sustainability report.
SM Prime Holdings, Inc. is listed as $SMPH in the Philippine Stock Exchange, its last traded price was at P30.65 per share down by -7.82% from its previous close with 340.5M value traded last June 15, 2020.
-Stockbytes PH, June 16, 2020
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