Robinsons Retail Holdings Inc., the retail arm of the Gokongwei family, has acquired 90 percent of Savers Electronic World, an electronics and appliance store chain that operates 24 stores around the country.
In a disclosure to the Philippine Stock Exchange (PSE), Robinsons Retail said its wholly owned subsidiary Robinsons Inc. has entered into a partnership with Saver’s Appliance Depot, which is owned and operated by Savers Electronic World.
The Saver’s Alliance Depot has 13 stores in Central Luzon, eight stores in Cagayan Valley and three in Metro Manila with a combined gross floor area of 25,900 square meters.
“Robinsons Retail will own 90 percent of Savers Electronic World,” the company said.
Robina Gokongwei-Pe, president and COO of Robinsons Retail, said the partnership would expand Robinsons Retail’s footprint in the consumer electronics and appliance business.
“We are excited to partner with Saver’s Appliance Depot in growing the consumer electronics and appliance business of the group. As the economy expands, discretionary spending is seen to surge ahead and this format should be a strong beneficiary. Also, the increasing scale of the group is expected to strengthen our market position in the industry,” Gokongwei-Pe said.
Specifically, she said the partnership with Saver’s Appliance Depot would strengthen and expand Robinsons Retail’s coverage in the consumer electronics and appliance business, particularly in Central Luzon and in Cagayan Valley.
After the purchase, Saver’s will continue to be managed by Jaime Uy as the managing director of Saver’s Appliance Depot.
Saver’s Appliance Depot opened its first appliance store in 1986 and has been in operation for 29 years now.
It was recognized and awarded as the 2014 Best Regional Retail Player by the Philippine Retailers Association.
Saver’s Appliance is also considered one of the top 10 consumer electronics and appliance players in the country.
“We are happy to become part of the Robinsons Retail family. The group has proven track record in growing and retaining the equity value of the companies or businesses that they acquired. We have strong presence in Northern Luzon which should add to the group’s growing presence in this region,” Uy said.
Robinsons Retail continues to be on the lookout for new businesses to acquire to further boost growth.
In the first half of the year, the retailer grew its net income to P1.86 billion, up by 36.2 percent from P1.37 billion in the same period last year.
Growth came from a double-digit growth in sales on new store openings as well as the newly acquired businesses A.M. Builders’ Depot and Chavez Pharmacy.
