RRHI pays P200 million to buy out Japanese partner in Ministop

MANILA, Philippines — The Gokongwei Group paid P200 million to buy out its Japanese partner in Ministop Philippines.

Gokongwei-led retail arm Robinsons Retail Holdings Inc. (RRHI) through its wholly owned subsidiary Robinsons Supermarket Corp., acquired the remaining 40 percent stake of Ministop Japan in Robinsons Convenience Store Inc. (RCSI), increasing its share to 100 percent from 60 percent previously.

RRHI president and CEO Robina Gokongwei-Pe said owning 100 percent of Ministop Philippines provides a good opportunity to RRHI especially amid changing customer habits and preferences brought about by the pandemic.

It would also give RRHI full autonomy in the strategic direction for the consumer value stores format.

She said Ministop Japan decided to exit in some of its overseas markets including the Philippines and concentrate on their home market.

“It was a good opportunity now to operate and repurpose the stores as we see fit,” Gokongwei-Pe said, adding that the acquisition cost was attractive.

In 2000, RRHI partnered with Ministop Co. and Mitsubishi Corp. to establish Ministop in the Philippines.

RRHI raised its stake and acquired Mitsubishi’s shares in the joint venture company, eventually bringing RRHI’s ownership to 60 percent from 51 percent previously.

Originally from Japan, Ministop has become one of the best known convenience stores among urban communities and business districts in Metro Manila and in Luzon and Visayas.

Moving forward, RRHI intends to rebrand Ministop including a change in the store name.

“Under the new agreement with Ministop Japan, RRHI will continue to operate the stores using the Ministop brand within the transition period agreed upon with Ministop Japan, until they are repurposed and appropriately rebranded in consideration of strong ready-to-eat offerings such as Uncle John’s Fried Chicken and Kariman,’ RRHI said in an earlier disclosure.

Other Ministop favorite offerings are Toppers, MySundae and Chillz.

The rebranded Ministop will offer new products and will continue to carry its popular offerings.

“Under the Ministop banner we were able to bring to the public well-loved products and essential services,” Gokongwei-Pe said.

RRHI is the retail arm of the Gokongwei Group. It has six business segments, namely, supermarkets; department stores; DIY stores; convenience stores; drug stores; and specialty stores. RRHI operates its supermarkets, department stores, consumer electronics and appliances stores, big box hardware stores, and community malls.