SM Prime Holdings Inc., the country’s largest mall operator, said it expects its consolidated entertainment unit to drive the company’s targeted double-digit growth for the year.
Company President Hans Sy said the entertainment component of its business, now under SM Lifestyle Entertainment Inc., will drive more people to go into the malls.
“It’s going to be a good year [for SM Prime]. That’s all I can say. We can be able to attract people to come to our malls,” Sy said at the sidelines of a recent event organized Philippine Retailers Association, in which his father, Henry Sr., is chairman emeritus.
Sy said SM Prime’s main effort is to bring more people to its malls as giving what they want and needs has been at the center of the group’s business.
“SM Lifestyle will be one of the growth drivers that we believe we will be integrating everything, from the entertainment to the lifestyle. It will be more focused and we believe that will also play a big role in the future [for SM Prime],” Sy said.
“Everything will be integrated. Event is one of them. Ticketing is also part of them,” he said.
Sy said over the next two years, the company will study the performance of the integrated entertainment group and will decide if it needs to raise funds to further expand the group.
The SM Group has been consolidating its property arm to withstand the cyclical nature of the sector. Last year most of the Sy property assets and operations—from mall, residential, office and tourism development businesses—were consolidated with SM Prime named as surviving entity.
This year its entertainment and leisure arm has also been consolidated under SM Lifestyle, which now include brands such as SM Cinemas, IMAX Theatre, Director’s Club Cinema, Snack Time, SM Tickets, Mall of Asia Arena, e-PLUS Tap to Pay, e-PLUS Digital, SM Bowling, SM Skating Rink and SM Science Center.
23 Mar 2014
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