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Tag: Robinsons

  • Robinsons Retail grows in net profit

    Robinsons Retail grows in net profit

    With its expanding store network, Robinsons Retail Holdings (RRHI) has grown its net profit for the first nine months by 5.8 per cent year-on-year to PHP3.49 billion (US$68.2 million).

    Excluding one-off items and earnings from its 40 per cent stake in Robinsons Bank, RRHI’s core retailing net profit increased by 12.9 per cent to PHP3.12 billion.

    Consolidated net sales reached PHP81.18 billion, up by 10 per cent on steady same-store sales and the contribution of the new stores. Excluding the new stores, same-store sales growth was 2.8 per cent. In various segments the growth was: supermarkets, 2.1 per cent; convenience stores, 2.6 per cent; DIY hardware, 7.2 per cent; drugstores, 2 per cent; and specialty stores, 8.4 per cent.

    Blended gross margins expanded by 80 points to 22.4 per cent for the period, attributed to increasing scale and improvement in category mix.

    Operating income rose by 16 per cent to PHP4.22 billion, and EBITDA went up by 13.2 per cent to PHP5.74 billion, the margin expanding by 20 points 7.1 per cent.

    Supermarkets continued to account for the largest share of the group’s consolidated net sales, contributing 46 per cent to total business in the nine months.

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  • FamilyMart Philippines chain up for auction

    FamilyMart Philippines chain up for auction

    FamilyMart Philippines convenience-store chain, partly owned by the Ayala and Tantoco groups, is up for auction.

    With about 70 stores, the Japanese chain has been offered to prospective investors in the past few months.

    Ayala Land and the Rustan’s group, via their equally owned JV firm Sial CVS Retailers, in 2012 signed a deal with FamilyMart and Itochu Corporation to develop and run FamilyMart convenience stores in the Philippines.
    FamilyMart has been closing unprofitable stores over the past 12 months.

    In the convenience store market in past six years, new brands have been challenging 7-Eleven and MiniStop, respectively run by Philippine Seven Corporation (PSC) and Robinsons Retail Holdings.

    Aside from FamilyMart, the Puregold group also brought Japan’s Lawson into the market while the SM group introduced Indonesian brand Alfamart. Meanwhile, real-estate magnate Manuel Villar has also built his own convenience-store network, All Day.

    To date, the two original brands still lead the market, with 7-Eleven surpassing 2000 outlets while Mini-Stop has at least 500 stores.

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  • ​​Robinsons Store launches first​ ​Go Lokal! store in Robinsons Place Manila

    ​​Robinsons Store launches first​ ​Go Lokal! store in Robinsons Place Manila

    Robinsons Department Store, in partnership with the Department of Trade and Industry (DTI) opens today the first Go Lokal! store in Robinsons Place Manila.

    Robinsons Department Store, an affiliate of Robinsons Retail Holdings Inc., is the first mainstream outlet to launch Go Lokal!, a public-private collaboration between DTI and local retailer partners that aims to showcase modern and indigenous quality products crafted, designed, and created by innovative Philippine micro, small and medium enterprises (MSMEs).

    The Go Lokal! program has been designed to serve as incubation, marketing, and branding platform for the best of Philippine MSMEs products including next generation One Town One Product (OTOP) offerings. This new market access platform via a design-led concept store is set to revolutionize the way hard-to-find and artisanal Filipino products are sold in the local market, and will bring together a specially-curated line-up that ranges from food, apparel, accessories, home décor, gadgets and gift items. They can be found in consumer-frequented locations as a mainstream distribution channel for world-class Filipino products while offering value for money for targeted consumers and tourists.

    Trade Secretary Ramon Lopez said DTI is more than excited to open its first mainstream  Go Lokal! store with Robinsons Department Store as its dynamic partner in this effort of maximizing market access and providing exposure to our MSMEs. “Go Lokal! is truly a vibrant model for MSME development and inclusive business. We are happy that committed partners like Robinsons have taken on this challenge. We look forward to opening more outlets in their malls and department stores across the country,” Sec. Lopez said.

    Robina Gokongwei-Pe, President and COO of Robinsons Department Store, said that the program will benefit MSMEs because it’s a mainstream platform that brings them closer to a more diverse market and creates positive effects to the economy by encouraging entrepreneurship. “This partnership with DTI is Robinsons Department Store’s contribution to nation-building by providing our entrepreneurs an environment where they can be passionate about their businesses and prosper from their efforts, as we create opportunities for MSMEs to grow, succeed and make an impact to the retail industry,” said Gokongwei-Pe.

    Johnson Go, General Manager of Robinsons Department Store, said that Go Lokal! is Robinsons Department Store’s way of supporting Filipino entrepreneurs into their initial foray into more mainstream markets by making them more accessible to both local and foreign consumers. “The diverse product line of Go Lokal! brings together the best products that the Philippines has to offer which are world-class locally-made quality products by our MSMEs,” said Go.

    The DTI Secretary also said that aside from providing market access for MSME products, the Go Lokal! program is a platform for new entrepreneurs to test the marketability of their products without the fear of losing rental and commercial costs because their experience is free of charge

    Portion of Go Lokal! revenues will go to the various corporate social responsibility (CSR) projects of Robinsons Department Store including the government’s drug rehabilitation program.

    Robinsons Department Store, an affiliate of Robinsons Retail Holdings Inc., is the first mainstream outlet to launch Go Lokal!, a public-private collaboration between DTI and local retailer partners that aims to showcase modern and indigenous quality products crafted, designed, and created by innovative Philippine micro, small and medium enterprises (MSMEs). Launching the partnership recently were (l-r) Mr. Johnson Go, General Manager of Robinsons Department Store; DTI Bureau of Domestic Trade Promotion Director Rhodora Leaño; DTI Assistant Secretary for Industry Promotion Group Rosvi Gaetos, Secretary Ramon Lopez of the Department of Trade and Industry, Ms. Robina Gokongwei-Pe, President and COO of Robinsons Department Store; Mr. Irving Wu, Robinsons Malls Operations Director for Luzon and Ms. Maricar Reyes, celebrity endorser of Robinsons Department Store.

     

     

  • Too many Philippine provincial malls, expert warns

    Too many Philippine provincial malls, expert warns

    There is not enough spending power to support the number of Philippine provincial malls being developed, warns a real estate expert.

    This follows a “fantastic” year for the property sector during which most major developers opened malls.

    “Retail has had an incredible expansion in route,” says CEO David Leechiu of Leechiu Property Consultants (LPC) has told The Manila Times.

    Ayala, DoubleDragon, Filinvest, Puregold, Robinsons, SM and Villar all opened malls in new sites, which Leechiu says is unprecedented.

    According to Colliers International Philippines, about 118,000 sqm of retail space was added to Metro Manila’s retail stock in the third quarter of last year, taking the total stock to 6.32 million sqm.

    For Metro Manila alone, total retail stock is forecast to rise by 7 per cent to 6.76 million sqm by the third quarter of this year, says Colliers. Meanwhile, retail vacancy levels have remained low at just 0.57 per cent.

    But Leechiu says it is a different story for the provincial retail market.

    “I think rents are softening because some areas might be ‘over-malled’ now,” he says. “The purchasing power is not there yet.”

    In particular, these Philippine provincial malls cater to the middle-income market. However, he believes the situation will be “very temporary’, with changes and improvements in two to three years’ time as purchasing power continues to grow.

  • Thailand becomes 10th largest investor in Vietnam

    Thailand becomes 10th largest investor in Vietnam

    Thailand’s foreign direct investment into Vietnam has been increasing sharply in recent years, according to a survey report by researcher Pittaya Suvakunta from Thailand’s Thammasat University

    Suvakunta’s report on Thai FDI in Vietnam was circulated at an international conference on Vietnam studies held in Hanoi recently.

    The researcher cited data from Vietnam’s Ministry of Planning and Investment as saying that as of June 2016, Thailand had had 466 projects in Vietnam with total pledged capital of US$9.44 billion, ranking 10th out of the 116 countries and territories investing in Vietnam.

    In 2015, as many as 53 new Thai projects were licensed into Vietnam, besides many others allowed to raise their investment capital, totaling US$262 million of fresh capital.

    Key Thai investors in Vietnam include CP Vietnam Corporation with US$328 million of investment capital, SAS CTAMAD with US$72.6 million, Long Binh Development Joint Venture Company with US$46 million in Dong Nai Province, and TCP VINA Chemical Plastic Company with US$90 million in Go Dau Industrial Park, Dong Nai Province.

    Thailand’s FDI in Vietnam flows into a wide range of sectors such as energy, retail, agriculture, processing, building material, and animal feed.

    “Thousands of Thai firms wish to join hands with Vietnamese partners to leverage the existing potential of both countries,” said Sanan Angubolkul, president of the Thailand-Vietnam Business Council, at a recent press conference in Hanoi.

    According to Tharabodee Serng-Adichaiwit, general manager of Bangkok Bank Public Company Limited in Vietnam, Vietnam is one of the best destinations for Thai investments in Asia and there will be more Thai investments into Vietnam in the near future.

    Bangkok Bank has recently tripled its capital so that it can provide more loans for Thai investors to expand business in Vietnam.

    Many Thai firms have plans at hand to expand their Vietnam operations.

    For example, CP will spend US$150-200 million building a fish feed processing plant, and a processed chicken and cold storage plant in Vietnam.

    Meanwhile, Siam Cement Group (SCG) is also seeking additional funds to increase investment in the domestic market and Southeast Asia. SCG is currently building a new petrochemicals complex in Vietnam and recently announced plans to inject at least 100 billion baht (US$3.3 billion) to expand operations in Southeast Asian markets.

     

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  • John Little to close last store by year end

    John Little to close last store by year end

    After 174 years, John Little is closing its last department store in Singapore.

    The remaining outlet at Plaza Singapura will shutter by the end of next month.

    In a statement on Friday, Robinsons Group – which manages John Little, the oldest department store in Singapore – said that the decision was made “after evaluating the relevancy and sustainability of the John Little brick-and-mortar business”.

    But it does not mark the end of the John Little brand. Robinsons Group said that John Little will “evolve as a brand into a pop-up format, which is in line with the global trend for retail businesses”.

    John Little’s new format will be revealed next year.

    The closure is part of consolidation efforts to focus on businesses that are growing within the group, the statement said.

    The Al-Futtaim Group – the Dubai-based owner of Robinsons Group, Royal Sporting House and other retail brands – announced plans earlier this year to shut 10 loss-making outlets here.

    John Little had seven branches in 2002, including its flagship store at Specialists’ Shopping Centre, which it vacated in 2007, after more than 20 years.

    Its outlet at Jurong Point shopping mall shut its doors earlier this year.

    Staff affected by the closure of John Little have been briefed and will be deployed to other businesses within the organisation, which includes Robinsons and Marks and Spencer, Robinsons Group’s statement said.

    John Little Plaza Singapura will be holding a moving-out sale offering discounts of up to 90 per cent until it closes.

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  • Double Dragon plans 100 CityMalls

    Double Dragon plans 100 CityMalls

    Listed Philippine property developer Double Dragon plans to build a network of 100 neighbourhood style shopping malls across the Philippines by 2020.

    The  company has already opened eight CityMall centres and secured 53 sites to date. The new centres will range anywhere between 5000 sqm and 10,000 sqm.

    Last week DoubleDragon announced it was issuing P15 billion in retail bonds to fund the development of its projects next year.

    “The majority of the proceeds will be deployed in our projects within 2017 as by 2018, we expect to already have substantial rental revenues from our provincial community mall chain, CityMalls and our Metro Manila office projects such as Double Dragon Plaza in DD Meridian Park and Jollibee Tower in Ortigas CBD, both of which are expected to be completed within 2018,” Sia said.

    Listed back in April 2014, Double Dragon Properties, has increased its stock value 29-fold since then – it’s risen 140 per cent this year alone.

    CEO Edgar “Injap” Sia, 39, from Visayas, co-founded Double Dragon with Jollibee founder Tan Caktiong, who bought a controlling interest in Sia’s fast food chain Mang Inasal in 2010, acquiring the 30 per cent balance last April. Each deal was valued at 5 billion pesos.

    citymall-cavite

    In 2012, the two businessmen acquired an Iloilo-based property developer, turning it into Double Dragon and setting a course for a nationwide property group. Before the float, Sia accepted an offer from SM Investments to acquire a 34 per cent stake in City Mall Commercial Centers, which runs CityMalls on Double Dragon’s behalf. That gives fast food entity Jollibee a ready entry into regional markets – and SM Investments an interest in retail property outside the main cities in which it dominates with its larger-sized malls. As part of the broader SM group, CityMalls has a large, ready-made pool of potential tenants every time it opens a new facility- across food, hardware, health & beauty, grocery retailing and fashion, among other categories.

    About 70 of the 100 malls planned initially will be built in the Visayas and Mindanao. The next scheduled to open – in October – will be at Cotabato in Mindanao, west of Davao and a location where neither Robinsons or SM have yet opened shopping centres.

    One of those is at the 116ha Northtown residential complex being developed by Alsons Development and Investment in the northeastern part of Davao.

    Sia said the mall, expected to be completed by the end of 2017, will anchor the residential development, serving residents and locals.

    “We can clearly see the vision behind Northtown to soon become one of the most vibrant areas in Davao City,” he said.

    CityMalls are positioned in the market as one-stop shops for daily purchases – not destinations to spend a day shopping, watching movies and eating with family or friends. Sia does not aim to compete with larger regional malls, the likes of which SM is rolling out across urban areas nationwide.

    Sia is also considering opportunities outside the Philippines long-term, as well as more locations at home.

    “Once we complete [100 malls], our presence will be powerful, and the confidence in our company will be higher,” he said in a recent interview.

    *Image: Louisechelle

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  • Singapore Golden Week targets shoppers

    Singapore Golden Week targets shoppers

    Singapore Retailers Association (SRA) is launching the inaugural Singapore Golden Week (SGW), a lifestyle event to be held over three weekends from September 30  to October 16.

    Its aim is to heighten Singapore’s appeal as a lifestyle destination with a suite a retail privileges, shopping reward and pampering experiences as enticement.

    Global payment network UnionPay is the official card for the event, with special privileges for cardholders across more than participating outlets including retail, F&B, beauty and wellness, and hotels and attractions.

    As well as exclusive discounts, cardholders are offered gifts when making purchases at participating merchants using their cards. The merchants involved include department stores Isetan Scotts, Metro and Robinsons, clothing labels Dockers, Dorothy Perkins, Karen Millen, Levi’s, TM Lewin, Topman, Topshop and Warehouse; and attractions such as the Alive Museum.

    There is also a game in which cardholders can win shopping vouchers and prizes worth more than S$10,000 (US$7388) in all, based at Ion Orchard.

    Visitors – not just cardholders – are also welcome at the UnionPay Golden Pampering Lounge in Ion Orchard’s atrium, which offers gourmet coffee and free-flow gourmet cookies.

    Cardholders can access the VIP area, which has massage chairs plus gourmet coffee sprinkled with edible gold dust.

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  • Jollibee, Puregold, Robinsons retail make it to Forbes ‘Fab 50’

    Jollibee, Puregold, Robinsons retail make it to Forbes ‘Fab 50’

    Three Filipino companies made it into Forbes’ list of 50 best-performing listed firms in Asia this year.

    Jollibee Foods Corp., Puregold Price Club, Inc. and Robinsons Retail Holdings Inc. were included among “Asia’s Fab 50 Companies,” compiled by Forbes Magazine.

    Companies are selected based on their record of revenues, operating earnings and return on capital over the last five years.

    “These 50 companies have solid financial track records, coupled with great management and entrepreneurial skill,” Forbes said in its website.

    China dominated the list with 21 companies, including frontrunner Alibaba Group Holding Ltd. The e-commerce giant has a market value of $242.5 billion.

    With three representatives on the list, the Philippines beat out countries like Australia, Indonesia, Japan, Malaysia, Thailand and Vietnam, with only one company each.

    The Philippine firms, however, still had considerably lower market value than their regional counterparts.

    Fast food company Jollibee was the largest among the three Philippine companies, with a market value of $5.9 billion. Other than the iconic Jollibee brand, it also owns Chowking, Greenwich, Red Ribbon, Mang Inasal, and Burger King in the country.

    Supermarket operator Puregold followed with $2.6 billion. The Lucio Co firm runs the Puregold and S&R Membership Shopping chains.

    Lastly, Robinsons Retail notched $2.5 billion. The company handles Robinsons’ supermarkets and department stores, as well as Ministop convenience stores, South Star Drug pharmacies, among others.

    Meanwhile, property developer SM Prime Holdings, Inc. was cited as one of “Asia’s Stars in the Making.”

    Forbes listed a dozen Asian companies “waiting in the wings” — just narrowly missing out on the Fab 50 for the year. These “rising stars” are considered “potential candidates in the coming years,” Forbes said in its website.

    The Sy-led SM Prime operates SM’s portfolio of shopping malls, residential properties, office buildings, and hotels.

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  • Robinsons Retail buys stake in De Oro Pacific

    Robinsons Retail buys stake in De Oro Pacific

    Robinsons Retail Holdings Incorporated has acquired a majority stake in De Oro Pacific Home Plus Depot, a big box builders hardware depot with 3-store chain in Northern Mindanao.

    The Gokongwei-led firm told the Philippine Stock Exchange that its subsidiary RHI Builders and Contractors Depot Corporation’s acquisition will add to its big box hardware portfolio.

    contract-signing-

    De Oro Pacific Home Plus Depot started operating in 1993. The stores are located in Cagayan de Oro and Iligan City with combined gross floor area of approximately 9,400 square meters.

    The company also operates a 3,000-square-meter warehouse in Cagayan do Oro that supports the 3 De Oro Pacific Home Plus Depot stores.

    “The purchase of De Oro Pacific Home Plus Depot stores demonstrates the bullish stance of Robinsons Retail group in the do-it-yourself (DIY) business which is currently rising to the sustained growth of the construction sector driven by the huge backlog in residential building,” the company said.

    In June 2014, Robinsons Retail acquired RHI Builders and Contractors Depot, owner and operator of 17-big box hardware chain AM Builders Home Depot based in the Visayas.

    All stores have been renamed Robinsons Builders.

    As of end June 2016, Robinsons Retail operates 152 mall-based DIY hardware stores, including 132 Handyman Do It Best stores, 19 True Value stores, and two True Home stores.

    Robinsons Retail is one of the leading multi-format retail groups in the Philippines and enjoys market leading positions across all its business segments.

    It currently operates 10 retail formats under 6 business segments, including department stores, supermarkets, home improvement stores, convenience stores, drug stores, and specialty stores.

    For 2016, the group earlier said it plans to spend P5 billion in capital expenditures, up from P3.14 billion actual spending in 2015, as it plans to roll out more stores this year.

    The retail firm is also targeting same-store-sales growth of 2% to 3% and gross profit margin increase of between 10 to 20 basis points.

    As of end 2015, Robinsons Retail operates 1,506 stores with total gross floor area of 974,000 square meters.

  • Robinsons Retail Philippines eyes 200 stores

    Robinsons Retail Philippines eyes 200 stores

    Robinsons Retail Philippines has announced it will add 200 stores, mostly convenience stores and supermarkets.

    The boost in its retail chain will add to its existing 1506 stores.

    For 2016, Robinsons Retail Holdings has earmarked P5 billion in capital spending, nearly 60 per cent higher than the P3.14 billion in 2015.

    Robina  Gokongwei-Pe, president and COO of Robinsons Retail Holdings, said “2016 is expected to be a good year. With the national elections in May coupled with the rising purchasing power of consumers fuelled by low fuel prices, we expect same store sales growth to stay healthy for the whole of 2016,” Gokongwei-Pe said.

    “We however, foresee competition to remain intense as more retailers are expanding aggressively in areas outside Metro Manila to cash in on the still low modern retail penetration in these areas,” she said.

    robinsons storerobinsons supermarketRobinsons Townville facade 2

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  • SM Retail consolidation set

    SM Retail consolidation set

    Soon all SM’s retail-related businesses will come under a single umbrella company.

    The planned SM Retail consolidation is expected to boost sales by 16.6 per cent to Php251 billion.

    SM Investments Corp, Henry Sy’s holding company, said in an investor presentation that the merger of all retail-related businesses under SM Retail would ratchet up footprint and diversity in the group’s portfolio.

    Aside from higher revenues, the combined merger will result in 1927 outlets and 2.4 million sqm of GFA across a diverse portfolio of food, household appliances, DIY, furniture, apparel, footwear, pharmaceuticals, cosmetics and specialty retailing stores.

    Currently SM Retail has only 553 stores and 1.8 million sqm of GFA.

    SM Investments is also expanding its minimart concept store Alfamart. While Alfamart is in the testing phase, it now has 126 branches mostly in provincial areas south of Metro Manila and in residential areas.

    The conglomerate said the minimart concept was different to convenience store, as it offers supermarket pricing and ready-to-cook items versus ready-to-eat products.

    Prior to the merger, SM Retail operates 53 SM department stores, 44 hypermarkets and 213 supermarkets and majority stakes in the local operations of Alfamart, Forever21, Crate & Barrel and other specialty and apparel retailers in addition to a minority stake in Uniqlo.

    SM Retail brands include Ace Hardware, SM Appliance Center, Homeworld, Our Home, Toy Kingdom, Watsons, Kultura, Baby Company, Sports Station and several other specialty stores.

    SM Retail is one of the leading retail companies in the Philippines, along with Robinsons Retail Holdings of the Gokongwei group and Puregold Price Club.

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  • Robinsons Retail takes control of The Generics Pharmacy

    Robinsons Retail takes control of The Generics Pharmacy

    Robinsons Retail has acquired a 51 per cent controlling interest in The Generics Pharmacy (TGP), the Philippines’ largest and fastest growing generics drugstore chain.

    The acquisition of TGP’s over 1800 stores, combined with South Star Drug, will take the retail drugstore network of the group to nearly 2200 stores nationwide, more than Mercury Drugstore’s 1000+ network, making it the largest by store numbers.

    Robina Gokongwei‐Pe, president and COO of Robinsons Retail, said TGP strongly believes in its vision to offer quality products at very affordable prices and in convenient locations. “It is an honor to continue the company’s legacy and to further grow the business”.

    “As we profit from accomplishing this mission, we ensure our growth is shared among our franchisees, partners, suppliers and employees,” said Benjamin Liuson, founder and chairman of the board of TGP. “It is our hope to bring our business a step higher with our partnership with Robinsons Retail.”

    The Liuson family which founded TGP has been in the pharmaceutical business since 1959, initially as importer and wholesaler under the name Pacific Pharma. In 1983, Pacific Pharma shifted its focus to generic medicines after realizing the serious need of most Filipinos for quality medicine at affordable prices.

    In 2001, the Liuson family ventured into retail and set up The Generics Pharmacy (TGP). As demand grew, in 2007, TGP decided to bring affordable healthcare and medicines more accessible to far‐flung areas of the country through a franchising business model.

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  • Robinsons Retail plans P5 billion ($106m) store roll-out

    Robinsons Retail plans P5 billion ($106m) store roll-out

    The company’s planned capital expenditures in 2016 is a 59 per cent increase from the P3.1 billion it spent in 2015.

    Robinsons Retail said expects to reach more than 200 stores in 2016 and would continue to explore merger and acquisition opportunities.

    “We have also gotten into a good start this 2016 with solid same-store sales growth for the first two months of the year as we benefited from increased consumer spending from a still robust domestic economy. We will continue with our footprint expansion, with focus on areas outside Metro Manila Looking for potential mergers and acquisition continues to be part of our strategy in growing the business,” said Robina Gokongwei-Pe, Robinsons Retail president and CEO.

    Convenience stores and supermarkets will represent a bulk of the planned new stores.

    The retail firm currently operates 10 retail formats under six business segments, including department stores, supermarkets, home improvement stores, convenience stores, drug stores and specialty stores. As of end-2015, it was operating 1506 stores with total GFA of 974,000 sqm.

    The company entered the coffee shop business with the opening of Costa Coffee shops in several locations in Metro Manila last year.

    It also ventured into smaller-format stores like Robinsons Easymart for supermarket and Robinsons Townville for community mall to reach a wider market.

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  • Robinsons Philippines income jumps 21.9 per cent

    Robinsons Philippines income jumps 21.9 per cent

    Robinsons Philippines has reported a 21.9 per cent increase in net income in 2015 to P4.3 billion ($90 million) on the back of same-store sales growth and sales from newly opened stores.

    Same-store sales growth for Robinsons Retail Holdings grew 4.1 per cent in 2015, exceeding the 2-3 per cent consolidated same-stores sales target for the year.

    The company’s consolidated net sales reached P90.9 billion last year, up 13 per cent from P80.4 billion in 2014.

    The retail holding firm of the Gokongwei group reported opening 2015 with 179 new stores and ended the year with a total of 1506 stores.

    “I am heartened by the strong same-store sales growth performance of all our retail formats in 2015, despite the intensifying competition,” Robinsons Retail President and CEO Robina Gokongwei-Pe said.

    “We have also gotten into a good start this 2016 with solid same-store sales growth for the first two months of the year as we benefited from increased consumer spending from a still robust domestic economy. We will continue with our footprint expansion, with focus on areas outside Metro Manila,” Gokongwei-Pe said.

    The opening of new stores expanded the company’s gross floor area by 9.7 per cent year-on-year, the company said.

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