Toby’s Sports to open more stores

MANILA, Philippines — The company behind sports and fitness retailer Toby’s Sports is expanding its presence in the country by spending up to around P32 million for the opening of four stores this year as it eyes to increase revenues by 15 to 20 percent.

Quorum International Inc. (QII) founder and chairman emeritus Roberto Claudio told reporters that the company is planning to open two stores in Metro Manila and another two in provincial areas this year.

He said the company is investing around P5 million to P8 million per store.

“The retail business is still growing,” he said.

He said three of the stores to be opened this year are likely going to be Toby’s Sports, while one will be for urbanAthletics.

QII has three retail formats: sporting goods store Toby’s Sports, running specialty store Runnr and street lifestyle store urbanAthletics.

“Our urbanAthletics is the one that’s fastest growing because for kids these days, it’s not just performance (they’re looking for) in shoes. They’re looking for lifestyle shoes,” Claudio said.

At present, QII has about 70 stores nationwide.

Claudio said the firm is looking to increase revenues by 15 to 20 percent this year from a year ago.

He declined to say how much worth of revenues were generated last year but noted it was in the billions.

The company expects revenue growth to be driven by the growing consciousness to stay healthy and fit.

“Ever since the post-pandemic, people have become more conscious about their health. So there is really a consciousness and effort to engage in sports. It’s the cheapest way to work out, to stay healthy and fit,“ he said.

The company also expects to benefit from the changing preferences of consumers, with employees now opting to dress down in offices by wearing sneakers and jogging pants to work.

“The demand for athletic shoes, athleisure wear really tremendously increased because of that attitude that was derived from the work from home,” Claudio said.

Like most retailers, he said the company is also facing challenges like inflation, the exchange rate and supply chain issues.

He said the recent minimum wage hike has also contributed to the increase in the cost of doing business.

For now, he said most retailers are just focusing on having a good cash flow to pay salaries and other expenses.