6 RETAIL NEWS CAPSULE
PHILIPPINE RETAILING
SM Celebrates 65 Years of Excellence with a Star-Studded Event
In a remarkable celebration of six and a half decades of success , SM , one of the Philippines ’ leading conglomerates , marked its 65th anniversary with an event that underscored its unwavering commitment to innovation and excellence . The Tenant-Partner Summit , held on September 4 , 2023 , at the SMX Convention Center Manila , kicked off the festivities with two outstanding speakers headlining the event .
The undeniable highlight of the event was the presence of Malcolm Gladwell , the renowned best-selling author and New Yorker columnist , who delivered a captivating keynote address . Joining him on stage was Emma Chiu , Global Director of Wunderman Thompson Intelligence , who contributed her valuable insights and takeaways for staying ahead in an ever-evolving market landscape .
As SM begins this milestone year , the Tenant-Partner Summit served as a resounding testament to the company ’ s enduring values and dedication to excellence . SM ’ s legacy of innovation and its unwavering commitment to making a positive impact on the communities it serves remain as robust as ever . The summit marked the commencement of an extraordinary year of celebration and achievement , setting the tone for what promises to be an exceptional year ahead .
Temu expands into Southeast Asia , starting with the Philippines
Budget e-commerce platform Temu has made its appearance in the Philippines , commencing its expansion into Southeast Asia .
The Chinese-owned , Boston-based marketplace will compete with rivals in the region including Lazada , Shopee , and TikTok Shop .
To mark its debut in the Philippines , Temu has offered up to 90 % discounts for various products .
The foray into Southeast Asia came after Temu ’ s expansion into Japan and South Korea last month . The e-commerce platform started selling to European markets in April and rolled out in Australia and New Zealand in March .
Launched in the US last September , the app is now available in more than 38 markets worldwide . One of its top rivals in Southeast Asia – Shopee – is only present in 11 countries .
Meanwhile , Alibaba announced its US $ 845 million injection into Lazada last month . TikTok also said in June it would invest billions of dollars in Southeast Asia over the next few years .
Southeast Asia ’ s e-commerce market is projected to reach US $ 230 billion in gross merchandise volume by 2026 , according to data published by global management consulting firm McKinsey & Co last December . PhilStar , 07 / 28 / 23