Lucio Co-led Puregold to increase outlets to 200 by 2014
MANILA, Philippines - Supermarket chain operator Puregold Price Club Inc. led by businessman Lucio Co, is eyeing to expand its nationwide reach to 200 outlets -- or 44 more -- in the next two years.
In a statement on Thurssday, January 3, Puregold president Leonardo Dayao said the company is planning to open 25 stores this 2013 and another 25 stores by 2014.
When the company went public in 2011, it projected to achieve 200 stores by 2015. With its rapid expansion and recent acquisitions, it may reach 200 stores already by 2014.
As of end 2012, the company's total supermarket stores reached 156. Majority, or 150, of the stores are Puregold outlets and 6 are S&R Shopping centers.
Among the store openings scheduled for 2013 are S&R in Davao City and Puregold in Cagayan De Oro. "We will already be in Mindanao by 2013," Dayao said.
Dayao said the company is also in talks with various parties for possible acquisition. He however refused to divulge the identities of the parties that the company is talking to.
The company has also set aside P3 billion in capital expenditures for 2013, primarily for store construction.
Puregold is also setting aside P200 million for the conversion of recently acquired Parco stores into Puregolds outlets.
With the opening of 31 new stores in 2012 and the acquisition of 19 Parco and 6 S&R stores, Puregold has a total of 305,000 square meters of net selling area, which is 42% from 2011 level.
Puregold is the second largest retailer in the country in terms of gross sales in 2010. The group’s operations comprise of three business segments, namely Puregold and Parco, which serve middle to lower income retail consumers, and S&R, the only warehouse membership club in the country. - Rappler.com