Listed grocery chain operator Puregold Price Club Inc. will spend P3.6 billion to put up 26 more stores this year.
"This year, we are targeting for Puregold organic expansion 25 (stores) and one S&R (Warehouse Membership Shopping Club)," said Jimmy Perez, Puregold investor relations officer, in an interview.
Perez said the company is branching out in Mindanao with the opening of the S&R Membership Shopping Club in Davao and Puregold Hypermarket in Cagayan de Oro City.
He bared that the Davao store is set to open sometime April or May, while the Cagayan de Oro store, by the third quarter of 2013.
Perez said the firm is still finalizing the list of the 25 stores it plans to open this year, noting that "our signed lease contracts are more than 25".
"We are really going to expand geographically, meaning to the Mindanao area particularly… We are really moving towards rural underserved areas in Mindanao and likewise in the Luzon," he said.
Perez said there are no modern retail outlets operating in these underserved areas, and these are basically dependent on the public markets and sari-sari stores.
"But the sari-sari stores are not in a way a competitor for us. Puregold is really targeting the mass market. The mass market cannot go shopping weekly. In that shopping pattern, they have to really go to the sari-sari stores. So basically, we are targeting wherever we go the sari-sari stores," he said.
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