Philippines-based retailer Metro Retail Stores Group has outlined a plan to more than double the number of stores in the country within five years.
Opening up to 70 new stores
Metro Retail Stores Group, the Philippines’ fourth-largest retailer, is planning to expand its network by opening 50 to 70 new stores in the next five years, the majority of which will be located in the Visayas region.
Founded in 1982, the Metro Retail Stores Group has transformed itself into a company with 46 retail outlets encompassing multiple store formats: 10 Metro Department Stores, 24 Metro Supermarkets and 12 Super Metro Hypermarkets. The group is listed on the Philippines stock market and is based in Cebu, one of the most developed provinces in the Philippines.
Robust Q3 performance
For the nine months ending September 2015, the group’s net sales were PHP22,363m (US$470m), an increase of 15% YOY. The growth was driven by the opening of six new stores and like-for-like sales increasing 9.5%.
The Philippines retail market is growing rapidly and becoming increasingly competitive. Domestic players are expanding through M&A activities (e.g. SM Retail and Puregold) and opening new stores (e.g. Robinsons). Meanwhile, international retailers such as Lawson, FamilyMart and Dairy Farm are investing directly in the region.
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