Dr Martens shuts all stores in the Philippines
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German-founded British footwear and apparel brand, Dr Martens, has closed all of its physical stores in the Philippines.
The brand announced on social media that it closed all of its remaining four stores in Glorietta 4, SM Mall of Asia, SM Megamall, and Manila Bay by the end of last month. However, Dr Martens did not disclose the reason behind its physical withdrawal from the market.
Local sources said Dr Martens started shutting its stores in the country last February, including its flagship store in Two Parkade BGC.
UK-based footwear retail reported a 13 percent year-on-year increase in revenue, reaching US$507 million in turnover for the first half of the fiscal year 2023. The brand opened 21 new stores and closed five stores during the period.
“Although there are economic challenges ahead, we are well positioned for future growth,” said Kenny Wilson, CEO of Dr Martens.
Dr Martens’ store closure in the Philippines occurred despite the market having seen growth in sportswear spending. Last month, US sneaker chain Foot Locker expanded into the country with the first store opened inside Manila’s Glorietta shopping mall under the partnership with Indonesian retailer MAP Aktif Adiperkasa.
Questions & Answers
Q.How many Dr Martens stores were closed in the Philippines last month?
How many Dr Martens stores were closed in the Philippines last month?
Dr Martens closed all four of its remaining physical stores in the Philippines by the end of last month. These were located in Glorietta 4, SM Mall of Asia, SM Megamall, and Manila Bay.
Q.What reason did Dr Martens give for closing its stores in the Philippines?
What reason did Dr Martens give for closing its stores in the Philippines?
Dr Martens did not disclose the specific reason for its physical withdrawal from the Filipino market. The company made the announcement about the closures on social media.
Q.Did Dr Martens perform well financially in the first half of its 2023 fiscal year globally?
Did Dr Martens perform well financially in the first half of its 2023 fiscal year globally?
Yes, Dr Martens reported a 13 percent year-on-year increase in revenue, reaching US$507 million in turnover for the first half of the fiscal year 2023. The brand also opened 21 new stores globally during this period.
Q.Has the footwear market in the Philippines generally been growing or shrinking recently?
Has the footwear market in the Philippines generally been growing or shrinking recently?
The footwear market in the Philippines has seen growth in sportswear spending recently. For example, US sneaker chain Foot Locker expanded into the country last month by opening a store in Manila's Glorietta shopping mall.
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