Filipino retailer eyes acquisitions
Philippine-based retail company Robinsons plans on acquiring small retail companies in anticipation of consolidation.
Vice chairman Lance Gokongwei says retail sector consolidation is heating up in other parts of Southeast Asia. He anticipates the Philippine retail industry will undergo the same trend over coming years.
Robinsons operates department stores, supermarkets, convenience stores and malls in the Philippines.
“Modern trade will continue to consolidate at the expense of smaller stores. The Robinsons Group is going to be a leader in the Philippine retail in the next five to 10 years,” Gokongwei said.
“I think that it will happen here. You’ll see in general the larger players, like SM Group and Puregold, and we hope Robinsons will be on that list,” he said.
Robinsons Retail plans to have 1400 stores across various formats by next year from 940 currently.
The company plans an IPO this year to raise up to 33.5 billion pesos ($777 million).