MANILA, Philippines - Lucio Co-owned Puregold Price Club Inc., the country’s second largest supermarket chain, said it was on track to meet its income target of P1.5 billion this year on the steady growth in consumer spending.
At the opening of its 100th store in Bgy. Tuktukan in Taguig City yesterday, Puregold president Leonardo Dayao said the company will continue its aggressive expansion next year to build around 25 stores and further bolster its profitability. Another 25 branches are up for construction in 2013 as the grocery chain aims to further widen its presence across the country.
The opening of its 100th store capped a banner year for Puregold in terms of expansion. The company targeted to open a total of 38 branches this year, significantly higher than the 22 stores built in 2010.
“One hundred is a very significant number for us – it is a mark of perfection, something which Puregold continually strives for as we bring the company to work hardtop bring the same propositions of best value for money, best shopping experience and best customer service so that Puregold remains as the place where the customers are “Always Panalo,” said Dayao.
The local retail sector is poised for long-term growth on the back of higher consumer confidence and growing demand for retail space. By 2015, the wholesale and retail industry is expected to hit P1.74 trillion in sales, from the current estimated level of P1.4 trillion.
From opening its first store on Shaw Blvd. in 1998, Puregold has grown to serve over two million households.
It debuted on the stock exchange in October, raising P7.5 billion from the sale of 600 million shares.
Puregold shares closed 3.06 percent higher yesterday at P18.20 each.