Homegrown retail chain allots P1B for expansion

The Prince Hypermart Inc., is spending at least P1 billion starting this year to further expand its retail operations in the Southern Philippine market.

Prince Hypermart president Robert Go said that with the promising economic pathway in the Philippines, the retail business will remain lucrative despite the threats posed by the increasing number of players both local and global brands.

The P1 billion capex allocation will be spent for the opening of at least 10 Prince Hypermarts, through the Prince Town brand, in the provinces in Visayas and Mindanao.

Another five outlets will be opened this year in Mindanao, concentrating largely in Caraga region like Surigao City and Agusan del Sur.Prince Hypermart is currently present in Oroquieta City, Cabadbaran, and Bad-as.

In the Visayas, Prince Hypermart will open in other areas in Samar and Leyte, to add to its present outlets located in Aboyog, BayBay City, Maasin, Isabel and Naval.

He said with the convenience store revolution which is strongly entering the secondary cities and provinces, the company is also open to exploring other retail models including the convenience store concept.

Prince Hypermart stores are spread in the Visayas and Mindanao. It recently opened its 21st branch in La Carlota in Negros Occidental.

There are now a total o 18 branches in the Visayas and three in Mindanao.

“Everybody is coming to Cebu, so we are also finding other areas for growth outside of Cebu. Retail trade has continued to post promising prospects, although competition is tougher now,” said Go. — Ehda M. Dagooc