More metro retail stores nationwide
MANILA, Philippines - The Gaisano-led Metro Retail Stores Group Inc. (MRSGI) plans a P2.5-billion expansion until 2017, which includes opening at least three more department stores and two supermarkets in Metro Manila and the Visayas.
MRSGI chairman and chief executive officer Frank Gaisano told The STAR last Thursday that one of the department stores with supermarket will be at an Ayala-owned shopping mall that will soon open in the Pasig-Marikina area.
Gaisano said the two other department stores would be in Bacolod City and Iloilo. Two more supermarkets will also be opened in Mandaue and Cebu.
The opening of the new retail outlets is on top of the group’s expansion of its logistics capabilities, with Gaisano recently turning over to MRSGI’s facility in Silangan, Laguna 37 delivery trucks from Isuzu Philippines Corp. and 30 more from Hino Philippines.
MRSGI currently has a network of 46 stores serving an estimated 250,000 customers daily. It is composed of 24 supermarkets, 12 hypermarkets and 10 department stores. It plans to open up to 70 more stores nationwide in the next five years.
The group built and opened its first department store and supermarket in Metro Manila in 2004, the Metro Market! Market! in Taguig. Gaisano, whose clan is described as the Ayalas of the South, said it is one of their most profitable branches.
Last year, Metro Retail’s initial public offering raised P3.6 billion.
The company has its roots in the 1970s, when Modesta Gaisano opened a restaurant and shop in Colon, Cebu, which evolved into the White Gold Department Store.
Modesta’s sons David, Stephen, Henry, Victor and John took over the business upon her death and launched the Gaisano Malls. Victor’s children Frank, Edward, Jack and Margaret now run the Metro Gaisano Malls, Gaisano Country Malls and Gaisano Capital Group.
Edward heads the holding firm Vicsal Development Corp. The clan also operates Vicsal Investment Inc., Vicsal Securities and Stock Brokerage Inc., Filipino Fund Inc., Prime Asia Pawn & Jewelry Shop, Taft Property Venture Development Corp., Pacific Mall Corp., Grand Holidays Travel and Tours, Cargo Bayan and Vicsal Foundation Inc.
Their WealthBank recently signed a partnership with Woori Bank, a subsidiary of South Korea¹s Woori Financial Group.
In the nine months to September 2015, the company reported a 23.5 percent increase in net income to P344 million from P 278 million a year ago.