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SM Retail and A.S. Watson’s joint venture, Watsons, will open 100 new stores in the Philippines this year.
Of the 100 planned new stores, 80% will be community-based stores. The aim is to provide greater accessibility to shoppers as it recognises that not all shoppers go to malls. These stores will be approx. 200 sq m, with three quarters of the space used as a selling area.
Watsons has been investing in growing its store network and training its pharmacists to grow its health and wellness segments alongside beauty. With shoppers beginning to follow beauty and health care trends more closely, the Philippines is a key market for further growth.
Watsons Philippines ended 2018 with 750 stores, and its network has seen a CAGR increase of 18.3% since 2015.