UK supermarket chain Sainsbury’s is looking to the Philippines as part of an expansion plan in Asia, reports Inside Retail Asia.
According to the online article, executive advisor to Sainsbury’s Ian Wade said he would recommend the company board considered expansion into the Philippines.
He told the journal that the Philippines offered more now than ever, since its middle class is growing more rapidly than before.
“The spending power is growing and [companies like] SM probably need some competition,” Wade is reported as saying.
The Philippines would represent Sainsbury’s second Asian market after China, where the retailer hopes to ink a deal with a potential partner this year, the report said.