Sari-sari store community fuels retail sector growth

CEBU, Philippines - Given the sachet-driven economy of the Philippines, the traditional retail industry which is represented by the sari-sari store community is seen to continuously boost the economy as more Filipinos are attracted to the fastest and easiest business venture they can get into.

This is according to Prince Warehouse Club president and chief executive officer Robert Go who said that although sari-sari stores are not primarily highlighted as one of the economic indicators, they still account a significant contribution to the economy as part of the retail industry.

Go added that sari-sari stores may have less capital but they comprise the majority of the retail sector which is likewise considered as one of the main entrepreneurial growth drivers that pushes the economy to be on the upward trend.

Despite the projections that the sari-sari store concept in the Philippines will be replaced by convenience stores like in other countries, he said that the traditional retail continues to grow in number since there are still Filipinos who prefer to depend on sari-sari stores for their daily needs.

He cited that the traditional retail sector that includes the sari-sari stores comprises 60 percent of the retail industry.

He further noted that sari-sari stores are the most preferred and easiest business venture especially for overseas Filipino workers and those who have started with their new families who use their money to start a store.

Prince Warehouse Club chief operating officer Rhea Go, on the other hand, said that the retail sector acknowledges the advent of social media and smartphones as a good business strategy to cater to the technology-driven market.

Although they are eyeing the e-commerce concept for the traditional retail industry, she said that they shall introduce social media to sari-sari store owners in the next few years when the market will be ready for such.

Meanwhile, Prince Warehouse Club officially launched its 8th Sari-Sari Store Festival that will be celebrated on July 20 from 8 AM to 5 PM at the Cebu International Convention Center (CICC) with the theme “Pakiglambigit: Sari-Sari Store Festival w8w Na!”

“The festival is our way of giving back to our loyal customers and of acknowledging their importance to the resonating growth of the company. As we level up as a company, we grow with them side by side over the years and we want to thank them for their continued support,“ Prince Warehouse Club supply chain manager Rina Go said who described the concept of the retail chain geared towards volume and cheap prices.

To promote the entrepreneurial spirit, Prince Warehouse Club has lined up various fun-filled activities for its club members such as the regular exhibition and entrepreneurial talks in basic accounting, microfinance, and basic business principles among others that are designed to help sari-sari store owners grow their business.

Out of the 70,000 members of Prince Warehouse Club in the Visayas and Mindanao regions, 40,000 sari-sari store owners are located in Cebu. /JOB (FREEMAN)