Souvenir retailers urged to adopt uniform pricing

CEBU, Philippines - A topnotch Cebuano souvenir retailer will start a massive campaign to establish fair pricing for all souvenir items in order to professionalize the souvenir retail industry in the Philippines.

Island's Group president and chief executive officer (CEO) Jay P. Aldeguer said that the company’s souvenir and tourists’ one-stop-shop chain called “Islands and More” will start this campaign, making Cebu known for its fair-pricing culture for tourists.

Aside from stand-alone shops located in strategic tourism destinations in Cebu and other parts of the Visayas, Islands and More is also present in some resorts and hotels.

“Unfair price culture for tourists is something that has to be seriously eradicated. We are not going to exploit our visitors. We should practice price sensitivity,” Aldeguer said.

With the evolution of online shopping and virtual marketing, Aldeguer said retailers or souvenir item vendors cannot anymore fool the travelers.

Islands and More Inc. is initiating this move that even in their hotel/resort lobby stores, pricing of products is the same as in the supermarkets, and stand-alone convenient stores.

Aldeguer, whose family has been in the souvenir business for decades now, through the Islands Souvenirs Inc. (ISI) said that, Cebu in particular has to make a difference in terms of professionalizing the pricing for all souvenir products as well as other items.

Aldeguer admitted that the souvenir industry, although it has been there ever since, has not been able to take off “professionally.”

Aldeguer described the industry, which is up until now, regarded as a cottage industry-- a “sleeping giant.”

“My observation is that the souvenir industry, not only in the Philippines but even internationally, is perceived as a cottage-type industry. It hasn’t evolved into anything," Aldeguer said.

Aldeguer believes that there is huge potential in the souvenir business, especially in tourism hotspots like Cebu.

About 80 percent of the tourism spending goes to souvenirs. The Philippines generates an average of P31 million tourism-related revenues.

To date, there are a total of nine Islands and More outlets. The company will open two more stores in the next quarter. One will be opened in Palawan and another in Bohol.

He said the Islands and More, which is a sister brand of the Pasalubong Center, shall pioneer the standardization of uniform prices of all its product inventories.

Islands and More pocket convenience stores are displaying all tourist-necessity products depending on the location, such as branded flip-flops, fashion hats, sun blocks, magazines, beverages, and any other personal necessity products.

Islands Group has created different subsidiary companies, including the Islands Banca Cruises, Islands Design Venture, Islands and More, Islands Pasalubong Center. Its mother company is the ISI.