THE SM Group’s health and beauty retail brand, Watsons Philippines, said it opened 80 new stores last year, growing its nationwide presence.
The new store openings brought the total store count of Watsons Philippines to 1,166 as of the end of 2024, SM said in an e-mailed statement on Thursday.
Watsons has three store formats: Watsons Pharmacy with more than 1,000 locations, SM Beauty in 76 SM Stores, and the multi-brand outlet LOOK at SM Aura and SM Mall of Asia.
SM said more than 50 out of the 80 store openings last year were located outside Metro Manila, including key cities and municipalities in Visayas and Mindanao.
Watsons Philippines Customer Director Jared Ernest De Guzman said one of the brand’s growth drivers is the establishment of community pharmacies in neighborhoods across the country.
“Watsons is not only expanding in malls but is also committed to establishing a strong presence in local neighborhoods. By the end of 2024, we had 400 community stores throughout the Philippines, ensuring accessibility and convenience for our customers,” he said.
“Our community stores bring essential healthcare products closer to home, catering to the convenience sought by our busy shoppers. They have become vital destinations for health, beauty, and wellness needs,” he added.
Watsons Philippines is a joint venture between the SM Group and Hong Kong-based AS Watson & Co. Ltd.
The Watsons brand opened its 8,000th store in Asia at the SM Mall of Asia last year as part of the brand’s global expansion.
Citing a recent study by Bain and Co., SM said that 85% of consumers in the region prioritize healthcare maintenance, with 51% willing to increase out-of-pocket spending for better health outcomes and experiences.
“The Philippines has been selected for this momentous occasion because it’s one of the fastest-rising economies in Asia and a strategic market for A.S. Watson. This vibrant and highly potential market has a young demographic that increasingly focuses on health and beauty, aligning perfectly with Watsons’ expertise,” A.S. Watson Group Chief Executive Officer Malina Ngai said.
Shares of the SM Group’s listed holding company, SM Investments Corp., rose by 1.78% or P15 to P860 apiece on Thursday. — Revin Mikhael D. Ochave
