The Henry Sy-led SM Group is mulling over a plan to diversify into a convenient store chain this year in a bid to further grow its retail business. Robert Kwee, SM Retail Inc. executive vice president, told reporters during the annual stockholders’ meeting of SM Group that this year, the company may already consider expanding into new formats like a convenient store. “[Developing a convenient store] is part of the consideration or similar to that. We are still studying it, we will tell in due time,” Kwee said. For this plan, the company is still trying to finalize whether they will tap a foreign brand or establish partnerships for a new brand. SM Retail is also not ruling out the possibility to acquire other firms.