SM INVESTMENTS Corp.’s (SMIC) retail business has hit the century mark, with the Sy-owned holding firm opening its 100th establishment last week.

Inaugurated last Friday, SM Naga in Camarines Sur brings SMIC’s tally to 34 SM department stores, 25 SM supermarkets, 14 SaveMore branches, 13 SM hypermarkets, and 14 Makro outlets.

‘SM retail’s sustained expansion nationwide fits well with the country’s consistently robust and dynamic consumer sector,’ SMIC president Harley T. Sy said in a statement.

‘Domestic consumer spending, supported to a large extent by remittances from overseas Filipinos, continues to grow,’ he added.

SM’s retail business is divided into two main segments, the non-food group, which is principally the SM department stores, and the food group composed of the SM supermarkets, SaveMore stores, SM hypermarkets, and Makro outlets.

Next week, the company is planning to open its 35th department store in the annex of SM City Rosales and another one before the year ends.

The company will also open one supermarket, eight SaveMore branches, and six hypermarkets this year, bringing SMIC’s total retail network to 117 outlets.

The retail sector contributes the most to the holding firm’s profits. Last year it accounted for almost half of the P14-billion net income, after its profits increased by 24% to P3.4 billion.