Philippines' SM Group plans to open 200 more Alfamart stores in Luzon this year to challenge Seven & i Holdings Co (TYO:3382) unit 7-Eleven's lead, Nikkei reported Sunday.
Alfamart, a joint venture with Indonesia's Sumber Alfaria Trijaya, had over 2,100 stores by the end of 2024. It sets itself apart by offering groceries alongside snacks, according to the report.
SM is expanding ties with laundromats and food chains to boost store traffic while targeting high-density areas with malls and everyday locations with Alfamart, the report said.
7-Eleven leads the market with over 4,000 stores, according to the report.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
Price (JPY): $1968.00, Change: $-5.0, Percent Change: -0.25%
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.