Indonesian convenience-store chain Alfamart plans to open 100 new stores in the Philippines by year end.
Since opening its first Philippine store in 2014, Alfamart has grown its store network to around 600 stores, which are operated by its local partner SM Retail.
Alfamart corporate affairs director Solihin says they have set up a subsidiary named DC Properties Management Corporation, in addition to the three distribution centres, to support its expansion drive.
In Indonesia, Alfamart currently has more than 10,000 stores, having opened its first store in 1999.
The convenience store market in the Philippines, dominated by 7-Eleven, is forecast to continue to grow as urbanisation continues at a rapid pace and consumer confidence climbs. According to SM Supermalls COO Steven Tan, “retail in the Philippines remains vigorous and upbeat”.
“Optimism to spend among Filipinos is more than just a sentiment. We see it translating into actual consumer behavior, especially retail,” he said at Nikkei Business Philippines-Japan Investment Forum in Tokyo.