SM among most successful Asean firms in China
The SM group—which now operates seven shopping malls in mainland China—is among the “2016 Top 10 Successful Asean Companies Entering China” recently recognized by the China-Asean Business Council (CABC).
In a statement on Wednesday, SM Prime Holdings said the award was given by CABC in a ceremony held at the Four Seasons Hotel in Beijing, China.
The event was attended by hundreds of top business and government officials from various organizations in China and member states of the Association of Southeast Asian Nations (Asean).
SM Prime was represented by senior vice president Steven Tan and assistant vice president for marketing in China, Vivien Cheng.
“We receive this award with great honor not only for the company, but for the Philippines,” said Tan. “This shows the tremendous cooperation among Asean members, which could only augur well for the future of the entire region.”
CABC serves as a conduit between China and Asean trade and economic relations and development. The body is composed of China Council for the Promotion of International Trade (CCPIT), Asean Chamber of Commerce and Industry (ACCI), national business leaders, entrepreneurs and experts from Asean members. It is supported by the Ministry of Commerce of China and the Asean Ambassadors to China.
Late last year, SM Prime opened a massive new shopping mall in Tianjin, China—its seventh and biggest retail hub in this market and one of the biggest in its chain of malls. With a gross floor area (GFA) of 565,000 square meters or just about as large as three football fields, SM City Tianjin is the newest landmark within the Tianjin Airport Economic Area at the emerging Binhai New Area, the largest free trade zone in Northern China and a thriving central business district where international corporations in logistics and financial services are setting up offices.
SM Prime considers China, given its huge population and strong consumer spending growth, as its key overseas market.
From 2000 to 2010, China’s consumption grew from some $650 billion to $1.4 trillion, creating the largest consumer market in the world. China’s consumption has been growing faster than any other country’s in absolute terms.
Other malls in SM Prime’s Chinese portfolio are: SM City Xiamen, SM City Jinjiang, SM City Chengdu, SM City Suzhou, SM City Chongqing and SM City Zibo. These malls have a combined GFA of 1.5 million square meters.
The Sy family’s strategy in China is to open one shopping mall per year, targeting the second- and third-tier cities where there’s less competition.
