Magazines Archives - 2010 January

Philippines’ resilient retail industry hopeful of a better year
Story 10 - Focus

Coming off such a bad year as 2008, during which the global economy almost screeched to a standstill
and revered names in banking and finance became mere historical footnotes, most thought 2009 would be just as painful.

But as green shoots emerged in the arid economic landscape and hard data showed the global economy was well on its way towards growth, the mood changed quickly, especially in the Philippines which managed to avoid a recession last year.

Filipino consumers started loosening their hold on their cash, even with the devastation left behind by killer storms in the third quarter of the year, and that was welcome news for retailers squeezed by low sales and growing expenses.

They may have ended the year with barely any sales growth, but they are quite optimistic 2010 will be a much better year.

There are many reasons to be bullish, explains Millie Dizon, vice-president of the giant SM Group, which owns the most and biggest malls in the Philippines.

There is the continued growth of the population, which is already at least 86 million strong, and the unabated exodus of Filipinos seeking higher-paying jobs overseas despite the severity of the
economic downturn.

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