(Source: The Manila Times | December 11, 2015)
Retail giant Puregold Price Club. Inc. will be spending P2.6 billion next year for expansion, officials said on Friday.
John Marson Hao, vice-president for investor relations, told reporters that they were allocating P1 billion in capital expenditures (capex) for the construction of additional Puregold stores, P1 billion for two S&R Membership Shopping stores, P450 million for 75 Lawson convenience stores, and P150 million for additional branches of S&R New York Style quick service restaurants (QSR).
Antonio de los Santos, Puregold vice president for operations, said the P1 billion capex for Puregold next year would be used to put 25 new stores in Northern Luzon, the Visayas, and Mindanao.
“That [P1 billion] does not include acquisition costs, that’s only for 25 Puregold stores. That’s the guidance,” De los Santos said.
For 2015, he said that Puregold was on track with its targets “but we hope that we can exceed the target.”
“For this year, [the target for] Puregold is 257 stores, then we have nine NE stores and eight Budgetlane stores which we acquired this year. That’s about 274 Puregold stores,” De los Santos said.
“And the target is 300 stores next year,” he added.
As of end-December 2014, the Lucio Co-led retail chain was operating 121 hypermarkets, 83 supermarkets, 29 extras, and 15 S&R outlets for a total of 248 stores all over the country.
“There are a lot of things to be done and huge opportunities to capture,” De los Santos said.
– by VOLTAIRE PALAÑA Reporter
Read more: http://www.manilatimes.net/puregold-to-spend-p2-6b-for-2016-expansion-plans/233955/
