Philippine chain AllHome eyes strong expansion
Philippine home-store chain AllHome will expand its store network to push its selling space beyond 450,000sqm this year.
“We are set to bring AllHome to more locations in 2020,” said the firm’s chairman Manuel Villar Jr. “Our expansion program is both sustainable and strategic by taking advantage of the synergies between our real estate companies, such as Vista Land, as well as the opportunities in the home improvement industry in the Philippines.”
As of last year, the firm’s total selling area covered 313,000sqm.
In part as a response to the coronavirus outbreak, the firm has moved to secure its inventory sufficiently enough to cover its planned expansion and existing network for several months. China is one of AllHome’s major inventory sources.
“We can easily shift to our other existing sources, like Vietnam, Indonesia, Malaysia, Thailand, India, and even the US,” said AllHome president Benjamarie Therese Serrano. “Our fresh funds indeed came in at the right time when it comes to our inventory management.”
AllHome’s net income grew 225 per cent in the first three quarters last year. Its total revenues increased by 72 per cent to PHP8.2 billion (US$162 million).