The SM Store, the non-food brand of SM Investment Corporation subsidiary SM Retail, reported that its fashion segment performance in the second quarter this year already reached 95 percent of pre-pandemic sales buoyed by the resurgence of fashion following the full reopening of the domestic economy.
In a statement, SM said demand for fashion items was also spurred by the resumption of school and face-to-face classes and the return to office set-up.
The SM Store Executive Vice President for Operations and Sales Support Dhinno S. Tiu said that, with the easing of community restrictions, SM Store’s fashion categories that include clothes, shoes, bag, accessories and beauty, ended the second quarter on a high note, reaching 95 percent of pre-pandemic sales.
“The resurgence of fashion has been driven by more energized spending as the economy reopens. To meet this vibrant demand, we ensure that we provide relevant and up-to-date merchandise and constantly innovate to address the Filipino shopper’s ever-changing needs,” Tiu said.
The firm reported that style trends shifted dramatically in the couple of years of the pandemic.
Whether staying or working from home, people leaned towards comfortable lounge garments. “Athleisure” also emerged to reflect a more active lifestyle.
People also started to bike to work, first arising from mobility restrictions but extending towards the promotion of one’s health and wellness, which required the appropriate and necessary gear.
Kids also needed new clothes to catch up with years of growth spurts and, as school reopened, there was also a pick-up in demand for school essentials–from shirts, uniforms, socks, shoes to bags and stationery supplies.
The SM Store also noted that, sales were also boosted as people emerged from community lockdowns badly needing wardrobe upgrades to go back to working in offices.
With these trends and the resurgence of shopping, SM Retail reported an increase of 18 percent in its revenues to P163.7 billion in the first half. Net income also grew by 91 percent to P7.0 billion due to optimized cost efficiencies across all retail formats.
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The article was originally published in Manila Bulletin and written by James A. Loyola.
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