Fashion
The Gaisano family’s Metro Retail Stores Group Inc. (MRSGI) is pouring in P10 billion to double the size of its network in the next five years.
The plan is to increase the network to 800,000 square meters in terms of gross floor area.
So far, the company has already secured about 40 percent of the target, which will open in the next two years.
In the first half, MRSGI has added 30,000 sqm of GFA, bringing its store network to 49 covering 24 supermarkets, 13 hypermarkets and 12 department stores.
The company reported a net income after tax of P262 million in the first six months of the year, up 24 percent year on year.
MRSGI posted a 10-percent all-stores growth, fueled by the strong performance of the hypermarket segment. It registered same stores sales growth of five percent.
Frank Gaisano, chairman and CEO of MRSGI, said the company would continue to cement its presence in the Visayas region by capitalizing on its existing locations and adding new stores in prime locations.
“Despite challenging conditions, we are encouraged by our bottomline and same store sales growth led by our hypermarket format. This was achieved by our familiarity with the Visayas region and the markets that we serve,” Gaisano said.
The company has partnered with property giant Ayala Land Inc. for the establishment of its stores in four new Ayala commercial developments.
These comprise 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.
MRSGI likewise entered into a lease agreement with a local government unit in Negros Oriental to set up its first store in the province.
For its supply chain and logistics requirement, MRSGI inaugurated a distribution facility in Cebu with advanced storage and technology features.
Gaisano remains optimistic about its growth prospects.
“The continued development and growth in the country this year as well as the resilient OFW remittances and BPO industry are fueling domestic consumption. Aligned with this development, we are ahead of schedule in doubling our footprint by 2020, with more than 40 percent of this target already currently secured,” Gaisano said.
