Metro Retail continues to expand in Visayas

CEBU, Philippines — Gaisano-led Metro Retail Stores Group is on a continued store expansion in the growing retail market in the Visayas region.

Company consultant Roy Kyamko said the Cebu-based retail giant is opening stores in Baybay and Tacloban in Leyte province this year.

The Baybay store is eyed to open by May while the Tacloban store is targeted to be completed towards the end of 2019.

"The company is on continued expansion in Visayas," he told The FREEMAN in an interview yesterday at the launch of the National Bureau of Investigation (NBI) satellite office at Super Metro Hypermarket in Carcar City, southern Cebu.

He said the retailer is also opening a department store in Bacolod within the Ayala mall there.

In Cebu, he cited the upcoming Danao City supermarket and department store to open this year. Danao is considered as one of the primary commercial hubs in Cebu.

To date, the listed retailer already has around 20 stores in Cebu, further strengthening its business foothold in its home province.

Meanwhile, its store in Carcar City is projected to see more foot traffic with the opening of an NBI office, which will cater to southern Cebu towns of San Fernando, Sibonga, Argao, Dalaguete, Boljoon, Oslob, Barili, Ronda, Alcantara, Moalboal, Badian and Alegria.

Last February, Metro Retail had entered into a joint venture agreement the Province of Samar for the development of a P472.9-million mixed-use property in Calbayog City.

Under the agreement, the retail firm, which will fully finance the project, will develop, construct and operate a department store with supermarket, a convention center, government center, transport terminal and a hotel.

Retailers have maintained a positive outlook on the retail sector, which is mainly boosted by the strong domestic consumption and higher disposable incomes of consumers.

In the first nine months of 2018, Metro's net income attributable went down to P454.93 million, 17% lower than its earnings of P550.07 million in the same period a year ago. Gross revenues also slumped by 7% to P22.97 billion.

Shares of the company were traded at P3.22 apiece, up 0.63%, as of trading recess noon yesterday.