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Tag: ssi

  • Retailers expand operations, sales see steady recovery

    Retailers expand operations, sales see steady recovery

    Many retail chains opened new stores this year even as retail sales of consumer goods and services saw a year-on-year rise of 20.5% in the first 11 months.

    Despite weakening external factors, continued domestic demand brought some relief, according to a report by HSBC.

    But though the pace started to slow down, retail sales remained a strong pillar of growth in November, the lender said.

    Total retail sales of consumer goods and services grew by 17.5% over November 2021.

    In recent months, while many factories laid off, furloughed or gave workers an early Tet (Lunar New Year holidays) service businesses such as F&B, retail and tourism expanded their operations.

    GS25 Vietnam, a joint venture between South Korea’s GS25 and local retailer Son Kim Group, has opened 200 franchised stores.

    Conglomerate Masan Group has bought another 34% in beverage chain Phuc Long Heritage to increase its ownership to 85%.

    “The two years of the Covid pandemic can be compared to a market research period and this year is the right time to launch expansion plans as well as to make a breakthrough in the retail race,” Trang Do, head of the retail services department at property consultancy Colliers, said.

    Tourism is reviving gradually, and contributing to the growth of retail services.

    The number of foreign arrivals was nearly three million in the first 11 months.

    Securities brokerage SSI said domestic consumption has recovered though not to pre-Covid levels, partly because of inflation.

    Inflation began to accelerate at the end of the second quarter, notably with a 17% increase in housing rents in September and October, and then 2% in November. This has affected domestic consumption.

    Last month headline inflation was 4.4% while core inflation was close to 5% due to a rapid recovery in demand.

    According to HSBC, rising inflation is a matter of concern and would increase in the next few quarters, forcing the central bank to take monetary measures.

    SSI said inflation would gradually rise in the first half of 2023, especially when the government considers adjusting prices of goods and services it manages such as electricity, healthcare and education.

    Do said large retailers are very interested in the Vietnamese retail market after the pandemic. However, the biggest difficulties for foreign investors in the retail sector are to find suitable premises in terms of location and area, and carrying out investment and license procedures.

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  • SSI partners with Muji operator to bring Japan brand to Philippines

    SSI partners with Muji operator to bring Japan brand to Philippines

    Speciality stores operator SSI Group has signed a joint venture deal with a Japanese company to bring the Muji retail brand to the Philippines. SSI Group, through its wholly owned subsidiary Stores Specialists Inc. (SSI), entered an agreement with Japan’s Ryohin Keikaku Co. Ltd. (RKJ) to form a joint venture company called Muji Philippines, which will own and operate Muji stores in the Philippines.

    “The joint venture with RKJ is expected to strengthen the Muji brand in the Philippines and enable cost efficiencies,” SSI said in a disclosure to the Philippine Stock Exchange.

    Muji is a Japanese retailer which operates some 420 stores in Japan and 390 stores internationally as of October 2016.

    SSI will have a 51-percent stake in the joint venture while RKJ will hold the balance of 49 percent. SSI will infuse P89.25 million in Muji Philippines while RKJ will invest P85.75 million.

    Muji Philippines is expected to commence operations on April 1.

    “Any profits from the joint venture company shall be distributed pro-rata to the ownership in the company of each of SSI and RKJ,” SSI said.

    “SSI shall provide the joint venture company with operational knowledge and apparel and retail sales expertise specific to the Philippines, while RKJ shall provide the brand management expertise and retail experience specific to the Muji brand,” it added.

    One of the conditions needed for the closing of the transaction is for RJK to obtain a certificate of pre-qualification as a foreign retailer from the Board of Investments, the statement said.

    Specialty retailer SSI Group also has a presence in the convenience store segment through its joint venture with Ayala Land Inc. (ALI) and Japan’s Itochu Corp. to bring the FamilyMart convenience store chain into the country.

    In March last year, SSI and its joint-venture partner ALI sold Wellworth department stores at Fairview Terraces Mall and UP Town Center Mall to Gaisano-led Metro Retail Stores Group Inc. (MRSGI) for P499 million to minimize operating losses.

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  • Metro Retail income soars 20.6 per cent

    Metro Retail income soars 20.6 per cent

    Metro Retail Sales, Visayas’ largest retailer, has reported a rise in after-tax income of 20.6 per cent to P758.6 million (US$16.4 million) for 2015.

    Metro Retail (MRSGI)’s net sales grew 13.9 per cent to P32.5 billion last year from 2014, said the company in a disclosure to the Philippine Stock Exchange. Earnings before interest, taxes, depreciation and amortisation rose 18 per cent to P1.49 billion in the same period, due to reduced operating expenses.

    The company’s same store sales grew by 8.8 per cent on the back of strong performance of its hypermarkets, department stores and supermarkets.

    Several milestones for the 33-year old Metro Retail made 2015 an exceptional year for the company. It saw the expansion of its store network nationwide, with 24 supermarkets, 12 hypermarkets and 10 department stores, with a total gross floor area of approximately 400,000 sqm by December 2015.

    Said chairman and CEO Frank Gaisano: “2015 has certainly been a banner year for Metro Retail, as our strong financial performance clearly shows. I believe that 2016 will be another record year for Metro Retail, being well on track with our store expansion and logistics efficiency initiatives to support our goal of doubling our footprint in the next five year.”

    The company was listed in November 2015, having the largest new equity issuance at P3.6 billion for that year.

    Its entry into the local bourse is seen not only to support the company’s expansion plans, but also underscore Metro Retail’s capability to compete with other industry players in serving the value conscious market.

    Metro Retail partnered with Ayala Land for the establishment of its stores in four new Ayala commercial developments – a department store and supermarket in Bacolod City, Negros Occidental; a supermarket in Iloilo City; a supermarket in Cebu City; and a department store and supermarket in Pasig City.

    Metro Retail also expanded its department store network with the acquisition of the department store assets of SIAL Specialty Retailers, a joint venture between ALI and Stores Specialists in March. Located at Fairview Terraces Mall and the UP Town Center, the stores have a combined gross floor area of approximately 25,000 sqm and will increase Metro Retail’s department store network to 12.

  • SSI to launch Joe Recent Philippines

    SSI to launch Joe Recent Philippines

    SSI subsidiary Shops Specialists has obtained the franchise for the Joe Recent style model within the Philippines.

    SSI will open a sequence of Joe Recent Philippines shops underneath licence from Loblaw, the Canadian retail big which owns the model.

    The primary shops will open subsequent yr, ranging attire, equipment, footwear and wonder merchandise for ladies, males and youngsters.

    “Joe Recent additional strengthens our lineup of worth manufacturers, permitting us to faucet and delight a fair broader base of Philippine shoppers,” SSI President Anthony T. Huang stated in a press release.

    With 350 shops in Canada, Joe Recent began increasing outdoors North America in 2014, opening shops with companions in Egypt, Saudi Arabia, South Korea, and the UAE.

    “We’re happy to introduce Joe Recent to the increasing Philippines retail panorama,” Joe Recent president Mario Grauso stated.

    SSI, mum or dad of the Rustan Group, additionally owns the FamilyMart and Wellworth retail operations within the Philippines.

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  • SSI brings Canadian fashion retailer Joe Fresh to PH

    SSI brings Canadian fashion retailer Joe Fresh to PH

    Specialty retailer SSI Group has entered into a deal to bring to the Philippines Joe Fresh, one of Canada’s leading fashion retailers.

    In a disclosure to the Philippine Stock Exchange, SSI said it had entered into a franchise partnership with Loblaw Companies Ltd. and its affiliates, the owners of Joe Fresh, to open free- standing Joe Fresh stores in the local market starting first half of 2016.

    “We are very excited for the addition of Joe Fresh to our portfolio of brands. Joe Fresh further strengthens our lineup of value brands, allowing us to tap and delight an even broader base of Philippine consumers,” SSI president Anthony Huang said in a press statement.

    “We are pleased to introduce Joe Fresh to the expanding Philippines retail landscape. There is no better partner than SSI Group, Inc. to deliver our message of essential, modern style and exceptional value to this dynamic market. Building on SSI Group’s unparalleled expertise in the region, we look forward to creating an exciting and accessible new fashion choice for consumers in the Philippines,” said Mario Grauso, President of Joe Fresh.

    Founded in 2006, Joe Fresh offers what have been described as “well-designed” and “well-priced” collections for women, men and children. Assortments include apparel, accessories, footwear and cosmetics. The brand is sold in over 350 locations in Canada, including 12 freestanding stores and using online platform JoeFresh.com. In the United States, Joe Fresh is available in four freestanding stores and online.

    Since 2014, Joe Fresh has entered new overseas markets like Egypt, Saudi Arabia, South Korea, and the United Arab Emirates with local partners.

    For its part, the Tantoco family-led SSI represents 112 brands in more than 740 stores across the Philippines. In partnership with Ayala Land, Inc. and FamilyMart Japan, SSI also operates the FamilyMart chain of convenience stores and, together with Ayala Land, the Wellworth department store chain.

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  • SSI Group profit soars

    SSI Group profit soars

    The Philippines’ largest specialty store retail business, SSI Group, has reported a massive 63 per cent jump in its annual profit.

    SSI Group says its 2014 surplus was 998.7 million Pesos (US$66.9 million), up from 613.7 million P ($41 million) in 2013.

    The company’s brand portfolio includes Marks and Spencer, Gucci, Burberry, Hermès, Prada, Salvatore Ferragamo, Lacoste, Michael Kors, Kate Spade, Gap, Bershka, Aeropostale, Samsonite, Nine West and Payless Shoe Source.

    SSI Group says its performance is the result of an aggressive store rollout program, strong gross profit margins and the depth and breadth of its brand portfolio. It expanded its store network by 126 outlets last year.

    The group’s annual sales rose 19 per cent to P15.2 billion, and in the last quarter by 26 per cent to P5.2 billion.

    In a statement, SSI Group president Anton T Huang described the outlook for 2015 as positive.

    “2014 was a landmark year for SSI as we executed our largest store expansion program to date. We continue to leverage on a brand portfolio that resonates with consumers, on the availability of prime retail space, and on evolving consumption patterns and consumer tastes.

    “We expect that these factors will continue to drive our performance in 2015,” he said.

    The company now operates 723 specialty stores with a combined floor space of 134,000 sqm and represents 106 brands in the Philippines.

    It also operates 90 FamilyMart convenience stores.

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  • SSI Group plans 130 new stores

    SSI Group plans 130 new stores

    Fresh from announcing record profit growth, Philippines specialty retail operator SSI Group says it plans to open 130 new stores this year.

    The expansion plan will be ramped up even further if current discussions with four international fashion brands not yet launched in the Philippines come to fruition. They could arrive late this year or in early 2016.

    As reported by Inside Retail Asia on Tuesday, SSI Group grew topline sales by 19 per cent last year and achieved a 63 per cent increase in profit.

    It ended the year with 723 specialty stores and 134,000 sqm of retail trading area. The company’s brand portfolio includes Marks and Spencer, Gucci, Burberry, Hermès, Prada, Salvatore Ferragamo, Lacoste, Michael Kors, Kate Spade, Gap, Bershka, Aeropostale, Samsonite, Nine West and Payless Shoe Source.

    SSI President Anton T Huang said the company will continue its expansion strategy, with plans to add 21,000 sqm of trading area this year and a further 16,000 sqm in 2016.

    The growth is being spurred by the growing disposable income of middle class Filipinos and rapid development of new shopping malls.

    SSI already has a presence in at least 70 shopping centres across the country.

    The last three years saw SSI add 64,000 sqm of retail space, more than half of that opening last year alone.

    “There really is a very steady supply of new shopping malls coming up, just taking into account the continued growth in consumption expenditure and increasing sophistication of consumers not only in suburban areas within the metropolis but in secondary cities throughout the country,” Huang said.

    “Just looking at 2014, it was a very good year for us… We grew our top line sales by 19 per cent and in terms of fourth quarter alone, we grew our top line sales by 26 per cent,” said Huang.

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  • SSI launches online store in Philippines

    SSI launches online store in Philippines

    An online store recently launched in the Philippines by Stores Specialists will soon become the nation’s online gateway to global brands.

    Stores Specialists Inc is a member of the SSI Group, the number one lifestyle specialty retailer in the Philippines, a member of the Rustan’s Group of companies. It manages leading fashion, luxury and lifestyle brands like Gucci, Prada, Anne Klein, Ferragamo, Michael Kors, Hamley’s and Pottery Barn.

    The new website, SSI Life offers shoppers the opportunity to purchase a curated array of products from the SSI Group’s roster of brands in a convenient ‘anytime-anywhere’ online platform.

    The site carries a curated array of products from 25 international brands now, with more to be added in the following months. The site currently includes a selection from Marks & Spencer, TWG Tea, Oliviers & Co, Payless Shoe Source, Nine West, Aerosoles, Bass, Superga, Steve Madden, MBT, OkaB, A/X Armani Exchange, Replay, High Sierra, Samsonite, Make Room & More and Beauty Bar.

    Anton Huang, president of SSI Group, Inc, says the website offers shoppers the opportunity to purchase from SSI’s portfolio of international brands while experiencing the same premium service the company is trusted for at store level, on an online platform.

    “We are the only eCommerce participant that is able to implement an Omni-channel approach, where our bricks and mortar stores will complement the online shopping experience of our customers and vice-versa,” he said.

    In time the company will take its growing portfolio of international brands – now numbering 106 – in over 600 store locations, to a 24-seven digital retail platform.

    “We will deliver our commitment of “Bringing the Best of the World to the Philippines” to a poised and ready growing online lifestyle shopping market,” said Huang.

    SSI says it is committed to customer satisfaction not just through its selection of brands, but with a guarantee to deliver a unique digital shopping experience. Through SSI Life, customers are able to tailor their shopping experience with options to browse and purchase online or browse online and purchase offline in stores.

    More brands will be added in the months to come following the site’s soft launch last November with an initial 17.

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